BONK Gains 100% From November Low but Sees Sharp Reversal — Key Levels to Watch
BONK price made an 100% increase since recent low but made a significant pullback. Will it maintain a bullish outlook?
Key Takeaways
- BONK surged to $0.00003771, then dropped 75% by April.
- A recent breakout above resistance signals the start of a new uptrend.
- The price needs to stay above $0.000026 to confirm a bullish continuation.
BONK’s price fluctuated significantly throughout 2024, from an all-time high of $0.00003771 in March to multiple retracements and corrections.
After a sharp decline, the price began upward, breaking through resistance and signaling the potential for a new bull phase.
BONK Price Analysis
BONK reached an all-time high of $0.00003771 on March 5, 2024, marking a nearly 400% surge from its February low.
However, this rally was followed by a steep 75% drop, bringing the price down to $0.000012 by April 13. After rebounding to $0.000044 on May 29, it fell again to $0.000020 by June 24.
A lower high of $0.000034 was reached on July 21 before dropping to a new low of $0.000015 on Aug. 5.
The price then entered a consolidation phase, retesting its August low in early September. A rally followed, pushing the price to $0.000026 on Oct. 1, but the Relative Strength Index (RSI) indicated overbought conditions, suggesting a rejection at the descending channel resistance.
BONK dropped to $0.000019 by Oct. 3, retested this level on Oct. 10, and then broke out upwards. However, gaining 30% formed a lower high of $0.000025 at the resistance level before falling to a lower low of $0.000017 on Nov. 4, likely completing an ABC correction.
A new uptrend began, leading to a 100% rise to today’s high of $0.000034. It quickly fell to $0.000028, a 70% increase since the recent high.
A breakout above the descending resistance level occurred, signaling the start of a new bull phase.
BONK Price Prediction
The hourly chart reveals a potential five-wave impulse pattern that started on Sept. 6, with the first uptrend completing on Oct. 1.
Failure to break past the $0.000026 resistance led to a pullback as BONK entered its corrective phase, forming an ABC pattern for the November low.
The next uptrend brought the price close to a 1.618 Fibonacci extension level, validating that the momentum is getting stronger. Today’s sharp downturn could start wave four in a five-wave sequence.
Further sideways trading is expected, but to maintain a bullish outlook, the price needs to be above $0.000026, as that would mean the price entered the territory of wave one on wave four, which cannot happen according to the rules of the Elliott Wave Principle.
If this happens, our next likely target would be a higher high of $0.000040.
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