Bonk (BONK) has recently captured the attention of crypto traders, with its price showing momentum. As the token experiences price fluctuations, many focus on key price targets that could yield substantial returns.
With Fibonacci retracement levels and technical indicators signaling potential gains, Bonk is positioning itself for a price surge toward the $0.00168 mark, offering the possibility of a 50X return.
Bonk’s recent price trajectory has brought it close to critical Fibonacci retracement levels, indicating possible resistance points and price targets. The first resistance level is at $0.000234986, followed by $0.000536809, as the token attempts to push higher.
However, the ambitious target lies at $0.001679863, which aligns with the 1.618 Fibonacci retracement level. Reaching this price would represent a potential 50X return from its current value, highlighting the potential for significant profit if the token continues its upward momentum.
Traders watching Bonk should pay attention to the key Fibonacci levels, particularly the 1.272 and 1.414 retracements at $0.000232463 and $0.000521873, respectively. These levels could challenge the token’s upward movement, as they are typical resistance zones. However, breaking through these levels could pave the way for the final surge toward the 0.00168 target.
Market activity: Surge in trading volume
Bonk’s recent surge in trading volume also suggests heightened investor interest. Over the past 24 hours, trading volume has increased by 59%, reaching $151.05 million.
This spike in volume is directly correlated with the token’s price rise, emphasizing the relationship between volume and price movements. With a market capitalization of $1.38 billion, Bonk is solidifying its position in the market despite its high circulating supply of 77.18 trillion tokens.
BONK technical indicators: RSI and MACD signal potential reversal
In addition to Fibonacci levels, other technical indicators provide valuable insights into Bonk’s price action. The Relative Strength Index (RSI) currently stands at 33.86, indicating that the token is approaching oversold territory. As the RSI nears this level, a price reversal or consolidation is possible, with the potential for a shift toward upward momentum. If buying pressure increases, the token could begin its ascent toward the key targets.
However, the Moving Average Convergence Divergence (MACD) lines are in a bearish crossover, with a MACD line below the signal line but negative histogram bars. This suggests the current downward trend will continue for some time frames. Momentum could also shift if MACD and RSI change from a trader perspective, leading the price toward the $0.00168 target.
