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BONK Shows Signs of Recovery; Next Resistance at $0.000025

Published
Nikola Lazic
Published
By Nikola Lazic
Edited by Ryan James

Key Takeaways

  • BONK peaked at $0.00003771, then dropped 75%.
  • Recent price action forms a descending triangle pattern.
  • A breakout above $0.000025 may signal further gains.

BONK has experienced significant price fluctuations in 2024, reaching impressive highs and facing notable declines.

Recent analysis indicates potential upward momentum as it approaches critical resistance levels. Below are the key takeaways from the current price action and predictions for BONK.

BONK Price Analysis

On March 5, 2024, BONK achieved an all-time high of $0.00003771, reflecting an impressive nearly 400% increase from its February low.

This surge was followed by a significant 75% decline, bringing the price down to $0.000012 by April 13.

After a rebound to $0.000044 on May 29, the price fell again to $0.000020 by June 24. It reached a lower high of $0.000034 on July 21 before dropping to a new low of $0.000015 on Aug. 5.

The price then consolidated, retesting its August low on Sept. 6 and 18. A subsequent increase led to a high of $0.000026 on Oct. 1.

However, the Relative Strength Index (RSI) indicated overbought conditions, suggesting a possible rejection near the descending channel resistance established in March.

BONK price analysis
BONKUSD consolidating after a drop | Credit: Nikola Lazic/TradingView 

Following this, BONK encountered resistance, resulting in a price decline to $0.000019 on Oct. 3.

Since then, it has recovered about 20% and fell again to retest its prior low levels before another 10% recovery.

This price action from Oct. 1 formed a descending triangle whose breakout to the upside could now be seen. 

BONK most likely finished its WXY correction, with the rise from Sept. 6 being its first uptrend in a bullish phase. However, the strongest confirmation will come if BONK surpasses the descending resistance. 

BONK Price Prediction

An hourly chart analysis indicates a potential five-wave impulse pattern beginning on Sept. 6, with the final wave completing on Oct. 1.

The failure to break through the $0.000026 resistance led to a downturn to the 0.618 Fibonacci retracement level, which, while significant, occurred too abruptly for typical corrective stages.

Following the completion of the five-wave sequence, a three-wave retracement was anticipated, targeting the 0.618 Fibonacci level at $0.000019.

The price did find support at this level and moved upwards, suggesting the possibility of a new uptrend beginning.

The descending flat triangle was formed since the 0.618 Fib level held the price on the last decline, most likely completing a three-wave correction. There is a possibility of another and final retest, but a breakout to the upside is expected in both cases. 

BONK short term prediction
BONKUSD in a descending triangle | Credit: Nikola Lazic/TradingView 

Should we see this breakout, it will signal further uptrend continuation, with the price of BONK likely headed to a higher high than in October.

The next significant interaction will be with the descending channel’s resistance at around $0.000025. 

If it also surpasses this resistance, BONK could reach $0.000033 on its next high, as suggested by the Fib extension tool. 

Read more: Bonk Price Prediction 2024: BONK Price Analysis
Disclaimer: The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
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