BONK Price Gains 175% in November — Climbs to New All-Time High
What's Next for BONK After All-Time High? | Credit: Hameem Sarwar
Key Takeaways
- BONK broke out from a long-term symmetrical triangle.
- The price reached a new all-time high on Nov. 20.
- How long will the BONK price increase continue?
The BONK price increased gradually to start November, lagging behind its memecoin peers Dogecoin and PEPE. While the latter reached its all-time high on Nov. 13, BONK still traded over 20% below its own.
However, the price increased considerably last week, breaking from a long-term symmetrical triangle pattern. The upward movement continued this week, leading to a new BONK all-time high price today, on Nov. 20.
Let’s look at the BONK price action and wave count and analyze potential scenarios for the remainder of the year.
BONK All-Time High
The weekly time frame chart shows that BONK broke out from a long-term symmetrical triangle last week, creating a large bullish candlestick. While doing so, the price cleared the $0.000034 horizontal resistance area existing since March. This was the final resistance area before the all-time high.
The BONK breakout culminated with a new all-time high price of $0.000060 on Nov. 19. A breakout that travels the entire triangle’s height would take the price to $0.000112.
Technical indicators are bullish. The Relative Strength Index (RSI) is increasing and is above 50, while the Moving Average Convergence/Divergence (MACD) has made a bullish cross and is positive.
Even though the RSI has been overbought, there is no bearish divergence yet.
So, the weekly time frame readings are positive, supporting the continuation of the BONK price increase.
What Analysts Are Saying
BONK is the biggest daily gainer from the top 100 cryptocurrencies in the past 24 hours and top 5 in volume . So, sentiment on X is overwhelmingly positive.
Zero believes the expansion phase has just started, and BONK will follow Dogecoin’s lead in beginning a parabolic rally.
Altcoin Sherpa believes that BONK is the strongest memecoin in centralized exchanges, while Cold Blood Shill is worried that entering a trade is impossible since the rally is already parabolic.
Finally, Euro Sniper suggests that BONK can increase to a $30-$40 billion market cap, leading to a tenfold increase from the current price.
BONK’s Parabolic Rally
The shorter-term 12-hour chart shows that the November increase is completely parabolic (white). While this is unsustainable in the long term, it could lead to massive increases while the parabola is intact.
The wave count implies that BONK is in wave three of a five-wave upward movement. Wave three has extended and has 3.61 times the length of wave one. If the increase continues, the next target for another extension is at $0.000075, giving wave three 4.61 times the length of wave one.
However, the 12-hour RSI has generated a bearish divergence (green), warning of a local top. Combined with the wave three extension, this could suggest the BONK price will soon undergo a retracement.
A correction could lead to a decline toward the 0.382-0.5 Fibonacci retracement support levels of $0.000039-$0.000045. This would not mark the end of the upward movement but rather a temporary wave four correction before the upward trend resumes.
Rally Cools Off
The long-term readings show that BONK has broken out from its consolidation pattern and started a parabolic rally.
However, the price could reach a local top soon due to the short-term wave count and developing weakness in the lower time frames.
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