Bonk Price Prediction: Bullish Reversal Pattern Signals Upside Potential of 22%

Bonk Price Prediction: The Solana-based memecoin Bonk has recently rebounded from $0.0000213 support amid the renewed recovery sentiment in the crypto market. This second reversal within three weeks accentuates the correction trend bottoming and surged the asset 12.5% within four days. This recovery assisting in the formation of a bullish reversal pattern hints the BONK price may raid a prolonged rally.

Also Read: BONK Price Jumps 7% Amid Major Listing Announcement

BONK’s Strong Performance Among Airdrops Signals Potential Surge

The last correction trend in Bonk price suitable support at 50% Fibonacci retracement level at $0.0000213. This healthy retracement triggered a strong recovery but struggled to break past $0.00003 as the broader market remained uncertain.

This BONK price entered a sideways trend resonating between the $0.00003 and $0.0000213 horizontal levels. While this price swing in the near term shows a lack of conviction from buyers or sellers, a look at the higher time frame shows this lateral movement as the development of an Inverted head and shoulder pattern.

The chart pattern often observed at the market bottom signals a renewed recovery sentiment among buyers.

According to IntoTheBlock, BONK has emerged as the top performer among major airdrops, standing out with exceptional price gains. Out of 17 tokens analyzed, only 7 appreciated in price, highlighting the competitive and volatile nature of the crypto market. 

While BONK exhibited a significant upward trend, other tokens like UNI, APT, OP, and ARB also saw positive price changes, though none matched BONK’s performance. The token’s performance could boost confidence among existing holders and new investors, leading to more sustained price growth.

If the bullish reversal pattern holds true, the BONK price could rise 22% to challenge the neckline resistance of $0.00003. A successful breakout above this barrier will accelerate the buying momentum and chase the potential target of $0.0000712.

Technical Indicator:

• BB Indicator: The squeezed range of the Bollinger band indicator highlights the increasing volatility in this crypto asset.
• Relative Strength Index: The daily RSI slope maintaining its position above the 50% midline highlights a positive outlook for Bonk among traders despite the current correction.