The Bonk price is now up 45% in the last week to trade at $0.00001194 as of 12:28 a.m. EST on a 128% jump in daily trading volume to $731 million.
This notable surge is as the BONK price prepares for a breakout above a falling wedge pattern, flashing a bullish upward recovery.
The RSI has crossed above the 50-midline level from the 30-overbought zone, currently at 53.29 and climbing, suggesting the asset is picking up buying pressure without being overbought. This suggests space for the bulls to still push BONK up.
Moreover, the MACD has also turned positive, with the blue MACD line well above the orange signal line.
A continued surge and a breakout above the wedge could push the price of BONK past the 50-day SMA ($0.00001539) to climb another 75% from the current level, targeting the 200-day SMA at $0.00002127 in the long term.
However, investors should be cautious as investors who bought on the $0.00000778 support may start booking profits. In this scenario, bears may drive BON towards a retracement back to this support area.
