BONK is trading near a crucial resistance level on its 2-day descending channel, as of March 18, 2026. Price action shows short-term consolidation, forming lower highs and lows, while traders monitor for a potential breakout or rejection.
According to the crypto analyst Jonathan Carter, the 50-day moving average continues to slope downward, confirming the broader bearish trend. The upper boundary of the channel aligns with a horizontal resistance zone.
Price compression here suggests a decision point is imminent. Traders are watching closely for confirmation, as direction will dictate whether BONK enters a bullish phase or remains within the descending channel.
Also Read: Bonk Forms Bullish Pennant, Eyes Short-Term $0.00000743 Rally
If BONK is able to break through the resistance with good volume, the short-term targets are $0.0000090, $0.0000120, $0.0000170, and $0.0000260. A successful retest of the breakout area is needed to validate this bullish continuation idea.
If the prices are unable to rise above the resistance, they may fall back, moving towards the lower support at $0.0000055.
Analysts suggest that it is best to wait for confirmation before entering the market, as false breakouts are common, especially with a descending channel.
On the TradingView chart, the RSI is at 49.96, with the moving average at 46.85. The momentum is neutral, leaning slightly towards the bullish side.
It has managed to bounce back from lower levels, indicating that the asset is recovering in terms of strength, though not reaching the overbought level, which means that the price may continue to move sideways or rise if the momentum increases.
The MACD is close to zero, with the MACD line and signal line taking a stroll across the chart, indicating a lack of momentum and a consolidation phase.
The histogram bars are small, reflecting a weak hint of a trend. The rounding curve of the histogram indicates a possible early signal of a bullish crossover, although confirmation of this will be needed before any expectation of movement can begin.
A trader should focus on the upper end of the channel, as this could indicate the next major move in BONK.
A breakout could lead to high-probability upside targets, allowing the trader to plan their entry and exit points with precision.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
Also Read: BONK Eyes $0.00000960 as Momentum Indicators Turn Strongly Positive
