BONK, a Solana-based memecoin, completed a V-shaped recovery, gaining 4.65% to $0.00002202.
The move followed a dip to $0.000020 on July 9 at 15:00 UTC, where institutional accumulation emerged to stabilize price action.
The most significant upward momentum occurred between 02:00 and 05:00 on July 10, when BONK surged from $0.000021 to $0.000023, supported by a spike in trading volume.
Indicators remain bullish, according to CoinDesk Research’s technical analysis model.
The 20-day exponential moving average (EMA) has started to turn upward, while the relative strength index (RSI) remains in positive territory, suggesting that bulls retain the upper hand. Furthermore, BONK is nearing confirmation of a “golden cross,” where the 50-day EMA climbs above the 200-day EMA. That’s a pattern typically associated with long-term upward trends.
Looking ahead, break above the $0.00002389 resistance level could accelerate gains toward $0.000026, which, if surpassed, would complete a double bottom pattern and open the door for a potential rally to $0.000041. Intermediate resistance lies in the $0.00002577–$0.00002840 zone.
Technical Analysis Highlights
- V-shaped recovery: From $0.000020 to $0.00002202, up 4.65%.
- Current pullback: Trading near $0.00002128, down 5.95% in some markets.
- Support zone: $0.000020 identified as a reliable accumulation level.
- Resistance levels: $0.00002389 (immediate), $0.000026 (major), and $0.00002840 (upper consolidation range).
- Breakout target: A move above $0.000026 could project to $0.000041 on double bottom confirmation.
- Indicators: 20-day EMA turning upward; RSI positive; golden cross near-confirmation between 50-day and 200-day EMAs.
Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.