BONK Defends Critical Support Zone and Eyes a Rally Toward $0.000039

BONK stabilized near a critical technical support level on Tuesday, February 3, after holding the lower boundary of a falling wedge pattern on the daily chart. 

The Solana-based meme token recently broke out of a broader descending channel, signaling fading bearish momentum following weeks of sustained downside pressure.

According to crypto analyst Jonathan Carter, the post-breakout structure remains intact as BONK successfully retested wedge support without triggering a deeper selloff. 

This price behavior suggests sellers are losing control near current levels, while dip buyers are gradually stepping in to defend the structure amid improving short-term sentiment.

Also Read: Bonk (BONK) Price Prediction: Is a Rally Toward $0.00001250 on the Horizon?

BONK Price Setup Signals Rally Toward $0.000039

If BONK confirms a rebound from the wedge support zone, the first upside resistance stands near $0.00000860, where minor supply and prior consolidation overlap. 

A sustained move above this level could shift short-term bias and open a path toward $0.00001300, a former distribution area during the broader downtrend.

Source: Jonathan Carter X Post

Additional upward momentum may allow BONK to reach a historical barrier around $0.00001970. If the uptrend continues, a further bullish bias may allow the price to reach a region around $0.00003900, indicating a full technical continuation of the breakout from the falling wedge pattern.

On the downside, the bullish setup for BONK will remain valid as long as it trades above the invalidation level of $0.00000550.

Technical Indicators Point to Slowing Bearish Pressure

According to TradingView, as of Tuesday, February 3, momentum indicators reflect early signs of stabilization. The Relative Strength Index (RSI-14) is hovering near 37, well below the neutral level of 50 but rising from its oversold level of 26. 

The rising RSI indicates that selling pressure is lessening but that momentum remains weak until it crosses back over its midline.

Source: TradingView

The MACD is in negative territory, which reiterates the downtrend. However, the MACD line is curving upwards towards the signal line as the histogram bars get smaller. 

This pattern suggests that the strength of the bearish momentum is lessening, which could allow a bullish signal if the buying pressure continues to rise.

Also Read: BONK Price Under Pressure as Sellers Defend $0.000001025 Resistance