ExchangeDEX+

Buy Crypto Markets Spot FuturesGOLD Earn Event Center

Bonk (BONK) is showing early signs of a potential short-term rally as it consolidates within a pennant pattern following recent gains. Currently, BONK is tradingBonk (BONK) is showing early signs of a potential short-term rally as it consolidates within a pennant pattern following recent gains. Currently, BONK is trading

Bonk Forms Bullish Pennant, Eyes Short-Term $0.00000743 Rally

Author: Tronweekly

Source: Tronweekly

2026/02/09 14:30

2 min read

BONK$0.000005787-3.48%

BULLISH$0.007384+6.04%

GAINS$0.00746-2.09%

Bonk (BONK) is showing early signs of a potential short-term rally as it consolidates within a pennant pattern following recent gains. Currently, BONK is trading at $0.0563 with a 24-hour volume of $44.02 million and a market capitalization of $554.85 million, dominating 0.02% of the market.

Source: CoinGecko

Technical analysis reveals that a breakout above the upper pennant trendline may lead to a relief rally, aided by Fibonacci retracement levels. Although market activity is generally low, cautious traders are preparing for possible rallies, indicating weak yet alert market sentiment.

Short-Term Upside Target Set Between $0.00000722-$0.00000743

Based on a CryptoPulse post, BONK is exhibiting a possible relief rally as it consolidates in a bullish pennant on H4 charts. Traders are advised to go long on a breakout. The short-term upside target is the bearish order block ranging between $0.00000722 and $0.00000743.

Source: X

The Golden Window extension, especially the 1:1.618 GW level, corresponds to BONK’s current price range, indicating a possible bounce point and not a complete reversal. A falling star candlestick with the 1.786 overshoot ratio indicates demand in this area, thus providing support for a short-term relief rally.

Source: TradingView

Traders must be cautious with the breakout, as the pennant formation may only provide a temporary boost before the overall market trends resume.

Also Read | XRP Retests Breakout Zone as Analysts Points to $15 Upside Target

Derivatives Data Shows Mixed Market Trends

The derivatives data indicate mixed market trends. The trading volume has decreased by 44.77% to $12.18 million, showing reduced market activity, while the open interest has risen by 4.21% to $6.13 million. This indicates that traders are taking new positions in anticipation of future market movements.

Source: CoinGlass

The OI-weighted sentiment indicator of 0.0028% indicates a slightly negative sentiment, with traders preferring short positions. The slight negative sentiment indicates that traders are being cautious, thus indicating a market waiting for clearer signals.

Source: CoinGlass

Also Read | Cardano (ADA) Eyes $0.33 Resistance: Is a Breakout on the Horizon?

Market Opportunity

Bonk Price(BONK)

$0.000005787

$0.000005787$0.000005787

-3.48%

USD

Bonk (BONK) Live Price Chart

Disclaimer: The articles reposted on this site are sourced from public platforms and are provided for informational purposes only. They do not necessarily reflect the views of MEXC. All rights remain with the original authors. If you believe any content infringes on third-party rights, please contact service@support.mexc.com for removal. MEXC makes no guarantees regarding the accuracy, completeness, or timeliness of the content and is not responsible for any actions taken based on the information provided. The content does not constitute financial, legal, or other professional advice, nor should it be considered a recommendation or endorsement by MEXC.