BONK spikes 8%, but bears mount resistance at critical levels

Solana-based meme coin Bonk has become the top gainer among the 100 largest crypto assets in the past 24 hours following a recent price surge.

Its latest recovery has been powered by renewed market optimism. However, the bulls now face stiff resistance at key levels, as selling pressure returns following an impressive 8% rise yesterday.

BONK is up 8.1% over the last 24 hours, and is trading at $0.00002380 at the reporting time. Its daily trading volume has also spiked 33%, suggesting renewed market interest, with its market cap at $1.77 billion. 

BONK 1D chart – Oct. 17 | Source: Trading View

The daily chart shows a well-formed rounded bottom pattern, indicating a potential trend reversal, as the altcoin witnesses higher lows. This pattern suggests that Bonk could break out if it manages to surpass its current resistance.

Despite the recent push above it, the 23.6% Fibonacci retracement level at $0.00002379 continues to act as immediate resistance. If bulls can decisively overcome it, the next significant resistance comes at $0.00002522, the previous local high. 

However, bearish sentiment is creeping in, as evidenced by a 3% pullback this morning. In addition, the Williams %R sitting at -23.84 signals potential overbought conditions. However, the RSI at 59.86 suggests there is still room for further gains, but not without the possibility of retracements.

Meanwhile, market analyst Astekz recently highlighted BONK’s next potential targets. According to him, the meme coin faces resistance at $0.00002470. Should bulls manage to break above this, the next targets could be $0.00004804 and $0.00007140. 

However, if bears regain control, key support levels to watch are $0.00002261 and $0.00001909, the latter being crucial for maintaining the current bullish sentiment.