The Bonk price has shown signs of relaxation due to bulls defending a critical support level on higher time frames, indicating a potential formation of a double floor pattern that could stimulate further upward dynamics. This resilience in the support zone suggests that the buyers are gaining control, which could lead to a strong bullish reversal.
Technical Analysis of Bonk Price
Bonk has been under strong pressure in recent weeks, but despite repeated attempts by bears to force a breakdown, the buyers have continued to defend a large daily and higher timeframe support. This consistent defense underlines the possibility of forming a double bottom pattern, which is often associated with strong bullish reversals. The defense of the support was the outstanding characteristic of Bonk’s price campaign, with two failed breakdown attempts, and the level has proven demand in this area.
Double Bottom Pattern Emerges
A double bottom pattern is currently emerging, although it remains unconfirmed. For the pattern to be activated, Bonk must reclaim the control point (POC), a volume-defined pivot zone that typically decides whether the market is going upwards or is held in consolidation. A break and stop above the POC would complete the structure, give the pattern more symmetry, and strengthen the bullish case. The whales recently collected 80 billion tokens, which signals trust that could stimulate a back rim.
The recovery of the checkpoint is crucial for the confirmation of the double bottom pattern. When this recovery occurs, the value area high (VAH) becomes the next destination. This level of resistance, which marks the upper limit of the area, has put the moves on the head in the past. A successful breakout over the VAH would validate the double floor and open the door for Bonk to gather on the resistance with a higher period of time and swing the heights, which may revive the bullish dynamic over the market.
Bonkusdt (1d) -idart, source: trading view
Upcoming Price Campaign
Bonk remains positioned on a decisive level. When the bulls reclaim the checkpoint, the double bottom formation confirms, and the value area high becomes the next resistance. Breaking over this zone could lead to a rally to swing heights and the level of resistance with a higher time frame. The volume will be the decisive factor, and without a clear influx of purchase activity, Bonk can be suppressed below the POC, which delays the confirmation of the double floor. A strong, persistent volume is necessary to materialize the movement in the direction of higher goals.
In conclusion, the Bonk price has shown signs of relaxation due to the defense of a critical support level, indicating a potential formation of a double bottom pattern. The recovery of the checkpoint and the breakout over the value area high are crucial for the confirmation of the pattern. For more information on the Bonk price and its potential upcoming price campaign, visit https://crypto.news/bonk-price-eyes-recovery-as-bullish-double-bottom-pattern-emerges/
