Home / Analysis / Crypto / Technical Analysis / Bonk Memecoin Mania Flops as BONK Price Dips Near 30% in Two Days Without End in Sight

Bonk Memecoin Mania Flops as BONK Price Dips Near 30% in Two Days Without End in Sight

Last Updated May 30, 2024 2:23 PM
Nikola Lazic
Last Updated May 30, 2024 2:23 PM

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. 

Bonk is the biggest loser
Biggest losers | Source: CMC

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.

BONK
BONKUSD | Credit: Nikola Lazic/Tradingview

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. 

BONK
BONKUSD | Credit: Nikola Lazic/Tradingview

 

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. 

Disclaimer
Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.
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