Bonk (BONK) has taken a breather after a solid rally, pulling back from its recent swing high following a rejection at daily resistance. But this might not be the end of the uptrend rather, it could be setting up the next big move. BONK is now heading toward a crucial zone packed with support, and if buyers return with conviction, we could see another leg higher.
What’s Happening?
After a strong run-up from the value area low, Bonk tapped into daily resistance and got rejected no surprise there, as it came after an extended bullish move. Since then, the price has slipped below the value area high and is now approaching a critical support area near the Point of Control (POC).
Here’s why that POC zone matters:
- It aligns with daily support.
- It matches up with the 0.618 Fibonacci retracement a classic level for potential reversals.
- It’s also the area with the highest traded volume on the profile meaning it’s where bulls and bears previously agreed on price the most.
This trio creates a strong confluence that could serve as a launchpad if buyers step in.
Why Bulls Might Still Be in Control
Even though BONK is in a short-term correction, the bigger market structure is still bullish. As long as this next move forms a higher low, the uptrend remains intact. What we’re seeing might just be a healthy pullback before the next leg up.
But here’s the catch volume matters. For any bounce to have real momentum, we need to see bullish volume coming in at this support zone. If the volume is weak or absent, any reaction might be short-lived.
What Traders Should Watch
Right now, this is the zone to pay attention to. If BONK bounces here with good volume, there’s a strong chance it revisits the recent highs or even breaks through them. But if this support fails, we’re likely looking at a deeper retracement, and the short-term bullish setup could get invalidated.
Bottom Line
Bonk is at a make-or-break level. The next move depends on how price behaves around the POC zone. A strong bounce with volume? Bulls are back in control. A breakdown below support? Time to reassess. Until this level is broken, the bias leans bullish but all eyes are on what happens next.
