Summary
The BONK price broke out from resistance levels in February, but it remains uncertain whether the increase will be sustained. The daily chart shows bullish readings, with the Relative Strength Index (RSI) above 50. However, the six-hour chart indicates a bearish divergence in the RSI, which could lead to a trend reversal. The future direction of the BONK price will depend on whether it bounces or closes below the $0.000014 area. A successful bounce could lead to an 18% increase, while a breakdown could cause a 14% drop.
Key Points
1. The BONK price broke out from diagonal and horizontal resistance levels in February, indicating a considerable increase in price.
2. The daily Relative Strength Index (RSI) reading is above 50, supporting the bullish momentum and legitimizing the breakout.
3. The six-hour chart shows conflicting readings from the price action and RSI, with a bearish divergence suggesting a potential trend reversal. The direction of the future trend will depend on whether the price bounces or closes below the $0.000014 area.