BONK Price Rallies 33% With Bullish Signs Suggesting More Upside Ahead

Key Takeaways

• BONK has confirmed a macro breakout from a falling wedge.
• The current wave structure suggests bullish continuation ahead.
• RSI indicates temporary exhaustion and possible consolidation.

BONK has recently staged a strong breakout following a prolonged downtrend, with bullish momentum now accelerating.

The asset has broken its previous descending pattern and is testing key resistance zones.

Using both the daily and hourly charts, we analyze current price dynamics and forecast near-term price movement using Elliott Wave and Fibonacci extension tools.

BONK Price Analysis

BONK ended its correctional W-X-Y-Z pattern at the $0.00000990–$0.00001050 support zone in early April, forming a double bottom.

This area had served as historical demand, and its bounce initiated the current rally. The breakout above the descending wedge structure confirms a bullish reversal.

Rising Relative Strength Index (RSI) momentum supported this breakout, which is now nearing overbought territory (~70), suggesting strong buying pressure.

The price is now retesting a major resistance zone at $0.00001550–$0.00001650, a significant supply area during late March.

A daily close above this range could open the way toward the next Fibonacci extension at $0.00002044, aligning with the 1.618 Fib and previous breakdown zone from February.

Yesterday’s daily candle already closed on a higher high as BONK rose around 33% since Monday.

However, RSI on the daily chart is getting extended, meaning a potential short-term consolidation could follow before another leg up.

BONK Price Prediction

Zooming into the hourly chart, BONK has initiated a clear impulsive Elliott Wave structure from its April 7 low of $0.000090.

Currently, wave (iii) of the third impulse wave appears to be in progress, having just tapped the 0.786 Fibonacci extension at $0.00001557.

A lower degree wave iv correction may follow before a push to the wave (v) target zone near $0.00001665–$0.00001780.

If wave (iii) extends further, the 1.618 Fibonacci extension lies at $0.00001977, which coincides with a potential local top for this subwave set.

RSI on the 1-hour chart also indicates overbought conditions (~75), increasing the chances of a brief retracement or sideways movement before continuation.

This microstructure suggests that while BONK is still in an impulsive uptrend, caution is warranted at resistance levels.

An ideal wave iv retracement zone lies between $0.00001472 and $0.00001412. Holding this zone would maintain the bullish wave count. A drop below $0.00001300 would invalidate this setup and suggest a larger correction is underway.

Key Levels to Watch

• Major Support: $0.00001160 (triple bottom), $0.00001300 (wave ii low).
• Immediate Resistance: $0.00001557 (0.786 Fib), $0.00001665 (1.0 Fib), $0.00002044 (1.618 Fib, daily).
• Breakout Confirmation: Daily close above $0.00001650 with rising volume.
• Invalidation Level: Drop below $0.00001300 would invalidate the bullish structure.
• Fractal Watch Zone: $0.00002044–$0.00002170 (wave v extension and prior high).