- BONK’s breakout confirms bullish strength, supported by high trading volume.
- RSI shows overbought levels, indicating strong short-term buying pressure.
BONK has broken out of its sustained downtrend, signaling a shift in market sentiment. BONK broke through a key descending trendline that had capped its price since early May.Â
Crypto analyst CryptoJack confirmed the breakout on July 2nd, highlighting the close above the trendline on multiple daily candles. The move signals the end of a multi-week downtrend and introduces the potential for an extended rally.
“This shows real strength and it’s getting ready for a major move,” CryptoJack stated. The breakout followed a series of higher lows, adding to the bullish structure.
BONK’s resilience amid broader market weakness further supports the case for continued momentum. As the breakout holds, traders are now watching for confirmation through sustained buying and volume support.
Momentum Builds on Short-Term Charts
At press time, BONK is trading at $0.00001849. The 4-hour chart shows upward momentum, which has been holding strong since the breakout. Volume reached 33.88 billion BONK, reflecting high buyer interest.Â
The Relative Strength Index (RSI) climbed to 75.42, indicating overbought conditions but also highlighting sustained bullish pressure. BONK rallied over 50% from the $0.00001200 zone in recent days. Analysts note that while short-term pullbacks are possible, momentum remains intact.
132% Upside Target in Focus
With the downtrend broken, analysts are eyeing a 132% price move toward $0.00004218. This target, visible on the 1D chart, represents the projected upside if momentum sustains. The breakout pattern follows a consistent uptrend of higher lows, suggesting buyers are gaining control.
The current price near $0.00001865, sits well above the former trendline resistance. If BONK maintains support at current levels, traders expect a push toward upper resistance zones. The market will likely track BONK closely as altseason develops and capital rotates into high-volume assets.
CryptoJack emphasized the breakout’s importance, noting its strength amid weak conditions for many other tokens. With technicals aligned and sentiment shifting, BONK has now positioned itself as a potential leader among memecoins this cycle.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.
