Price Analysis

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

Bonk Price Prediction: BONK could rise 22%, with support at $0.0000213 and resistance at $0.00003, signaling a bullish reversal.
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Bonk Price Prediction: Bullish Reversal Pattern Signals Upside Potential of 22%

Highlights

  • The $0.000021 support closely coinciding several technical levels such as 100-day EMA and 50% retracement level creates a high area of interest.
  • The formation of the head and shoulder pattern intensifies the buying momentum in Bonk price.
  • The intraday trading volume in Bonk is $249 Billion, indicating a 47% loss.

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

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BONK’s Strong Performance Among Airdrops Signals Potential Surge

Bonk Price Prediction| Tradingview

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.

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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. 
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Sahil Mahadik

Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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