BONK Price Bounces 20% Over the Weekend but Upside Potential Could Be Limited

Key Takeaways

• BONK surged 400%, then faced a sharp correction, followed by consolidation.
• Current resistance limits the upside, as confirmed by the overbought RSI.
• Potential downturn to 0.786 Fibonacci level, signaling bearish momentum.

On March 5, 2024, BONK reached its all-time high, rising nearly 400% from its February low before experiencing a sharp correction. The price saw several swings throughout the year, with significant rebounds and declines.

The current analysis suggests potential bearish developments, with a likelihood of testing lower support levels before confirming a new trend direction.

BONK Price Analysis 

On March 5, 2024, BONK reached an all-time high of $0.00003771, marking a nearly 400% rise from its February low.

This was followed by a steep 75% drop to $0.000012 by April 13. After rebounding to $0.000044 on May 29, the price declined to $0.000020 by June 24. It reached a lower high of $0.000034 on July 21 before falling 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 rise led to a high of $0.000026 on Oct. 1, but the Relative Strength Index (RSI) signaled overbought conditions, suggesting a potential rejection near the descending resistance established in March.

We saw a downturn as resistance was encountered, with the price of BONK falling to $0.000019 on Oct. 3. It has recovered by around 20% since then. Still, considering the proximity of the descending resistance, the upside could be limited. 

BONK Price Prediction

An hourly chart analysis reveals a potential five-wave impulse from Sept.6, with the price making its final wave on Oct. 1. The struggle to break through the $0.000026 resistance resulted in a downturn to 0.618, which would be enough considering the depth. Still, it did so in one go, which shouldn’t happen in corrective stages.

A three-wave retracement was anticipated after completing the five-wave move, aiming for the 0.618 Fibonacci retracement level at $0.000019.

The price did find support there and moved upward, so there is a slight chance a new uptrend began.  

However, this will likely be a lower high of its B wave, following another downturn to a lower low. Its target is set at 0.786 Fib at $0.000017, but we can see it even continuing to a 100% retracement. 

Another factor that adds to the bearish projection is the current decline of around 6% from today’s high. BONK is now retesting its Saturday high, and if it falls below it, entering the territory below $0.000022, the likelihood of the bearish projection will increase. 

Read more: Bonk Price Prediction 2024: BONK Price Analysis