Bonk [BONK] has rallied 20.5% since Monday, the 31st of August. Measured from the swing low at $0.00000222 made on the 13th of August, BONK is up 51.8%.
This rally has also breached a descending trendline resistance that stretched back to May. The memecoin has had a bearish higher timeframe price structure since February 2025, when it fell below the $0.000015 swing low.
The breach of the trendline resistance and the steady gains of the past three weeks were a welcome change for the BONK bulls. Yet the memecoin is still down 91.7% from its high of $0.00004075 in July 2025.
Are the recent gains a turnaround in the long-term trend, or only a minor bounce that holders should use to exit the market?
A tough path ahead for BONK bulls
In the past 24 hours, BONK has rallied just over 6%. Its daily trading volume is up by 50%, though the weekend has settled over the crypto market.
The Bitcoin [BTC] price dip below $80k on Friday did little to halt the memecoin’s demand. BONK managed to clear the trendline resistance (green) and was also past the lower high at $0.00000318, made in July.
The CMF was at +0.13 to signal sizeable capital inflows into the memecoin’s market.
Coupled with steady demand was the steady upward momentum. The RSI rebounded off neutral 50 and was climbing higher alongside prices.
Traders’ call to action- Stay bullish
In the past two weeks of trading, a range formation has developed (purple) that reached from $0.00000284-$0.00000338. If the range’s upper extreme can be flipped to support, it would signal another bullish BONK price move.
The liquidation heatmap highlighted the cluster of short liquidations from $0.0000037-$0.0000041. If there is sufficient demand for the memecoin, it could climb above this magnetic zone.
However, if BTC sees a momentum shift, BONK might tap these liquidity pockets and face rejection. Hence, traders must watch how the altcoin reacts at the range high, and also within the $0.0000040 magnetic pocket, to understand if the bullish trend can continue.
Final Summary
- BONK has made sizeable gains in the past three weeks, and showed early signs of a bullish structure shift.
- The selling pressure in recent months was beginning to be unmade, but the current momentum depends on Bitcoin too.