Bonk price has gained 9% in the past 24 hours, trading at $0.00004612 on trading volume that soared 69% to $942 million, according to Coingecko.

Bonk price is preparing for a sustained bullish trend reversal

Bonk price is currently on a minor correction after a significant rally in November. Bulls continue to use the $0.00002090 support level to keep Bonk price above both the 50-day and 200-day simple moving averages (SMA).

After rising, Bonk is now trading within a falling channel, but with prospects for a breakout as Bonk price is now touching the upper boundary of the channel.

The current Relative Strength Index (RSI) is 57.20, which is in the neutral to bullish zone. This indicates that price has the opportunity to move even higher before entering the overbought zone. The recent rise in RSI reflects the recovery of momentum after consolidation on the 12-hour timeframe.

Meanwhile, the moving average convergence/divergence (MACD) line (blue) is slightly above the orange signal line, indicating moderate bullish momentum. However, the histogram shows minimal separation, indicating that momentum is not yet particularly strong.

After exiting the falling channel, the price may try to test the $0.0000500 resistance zone where the previous highs are located. Sustained buying pressure could push the price above this level. In such a scenario, the Bonk bulls may target the next possible resistance at $0.000060.