Bonk Memecoin Mania Flops as BONK Price Dips Near 30% in Two Days Without End in Sight
Bonk falls nearly 30% with more downside likely to come
Key Takeaways
- BONK fell 27% today amid a global market slump.
- Recent peak suggests potential double top formation.
- Current support at $0.000032; outlook remains bullish.
After reaching a high of $0.000044 on May 29, the price of BONK made a sharp downturn. It fell to a low of $0.000032 today, May 30, a decrease of 27%. This happened amid a global market slump that affected memecoins the most; however, BONK is the biggest loser.
As its recent peak was a revisit of the all-time high but ended slightly lower; was this a double top, hinting at a major reversal?
BONK Price Analysis
On March 5, 2024, BONK reached a record high of $0.00003771, marking a nearly 400% increase from its February low. However, this peak was followed by a significant decline of about 75%, dropping to $0.000012 by April 13.
As the four-hour Relative Strength Index suggested oversold conditions, BONK began to recover, climbing to $0.000027 on April 24—an approximately 130% increase.
The price movement pattern suggested that the current uptrend may end. Now, we’ve seen another five-wave pattern developing, followed by a downturn, suggesting it has ended on its $0.000044 high.
Today, the price found support at $0.000032, which is the 0.328 Fibonacci level, and is now starting to spike back up, currently trading at $0.000035. However, if the previous uptrend ended, the downside would be expected to come.
BONK Price Prediction
Despite the sharp decline in the last two days, BONK can maintain a bullish outlook. From April 13, we’ve seen a three-wave advancement, which could be either a five-wave impulse or a corrective wave.
What happens at the 0.5 Fibonacci level around $0.000030 will determine the primary one. But the overlapping comes in the next two moves. We would be expecting a recovery for a lower high on the current one, while the following should be another downtrend.
If BONK holds above $0.000030 on the next downturn, it could bounce and advance to a higher high of $0.000054. But if it goes through this area, it would invalidate the possibility of its being in a five-wave impulse.
In that case, BONK could face a downside and fall to its ascending baseline support of around $0.000021.
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