Price Action Analysis for Coin
#BONK Coin
$BONK shows on the 4-hour chart that the price has entered a very tight consolidation phase after the recent corrective wave ended at the lower edges of the established bottom. The price is currently trading at $0.00000551, moving sideways below the moving average lines while trying to absorb selling pressures within the red-shaded consolidation range. Based on the data from the Fibonacci tool, the upcoming movement paths are as follows:
The Pivot Point (PP): is at the level of $0.00000634, and breaking this level and stabilizing above it is the key to changing the technical structure and activating the bullish wave again.
Target Resistance Levels: If the price manages to gain momentum and break above the pivot point, the successive bullish targets are distributed at TP1: $0.00000663, followed by TP2: $0.00000710, then TP3: $0.00000764, reaching the highest target at TP4: $0.00000831.
Protective Support Levels: The price is currently below the first support wall ST1: $0.00000570, while the current bottom of the consolidation range and the last safety valve for the trend is at level ST2: $0.00000529.
The most likely scenario is a continued tight sideways fluctuation within the current demand zone to build a solid accumulation base, paving the way for a bounce aiming to test the moving averages and the pivot point again.
#BONK #BonkCoin #Crypto #AIMONACCI