Key Takeaways
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.
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.
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.
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.
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.