BONK Price Rebounds 52%, Faces Major Test at Descending Resistance
Key Takeaways
- Breakout from descending wedge likely.
- Impulse wave structure developing.
- Momentum indicator nearing overbought zone.
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Bonk (BONK) has demonstrated a notable rebound off long-term support, showing early signs of bullish recovery on higher and lower time frames.
The price remains structurally within a descending corrective pattern, yet near-term impulse behavior and rising Relative Strength Index (RSI) momentum suggest a potentially pivotal shift.
This analysis explores the macro context and micro dynamics to project what’s next for BONK.
BONK Price Analysis
On the daily chart, BONK exhibits a classic corrective structure following its November 2024 peak of $0.000059.
The price has steadily declined within a well-defined descending wedge, bottoming near the 0.00001039–0.00000900 zone, aligning with a major historical support range.
The structure suggests an extended W-X-Y-Z correction, with the final wave Z appearing to have been completed around March 11.
BONK has begun an impulsive advance from this base, potentially initiating a new primary wave sequence as it gained around 52%.
The daily RSI is approaching 60, indicating strengthening bullish momentum without breaching overbought territory.
This supports the view that the current price action is not just a relief bounce but the beginning of a larger impulsive cycle.
Price is now confronting a descending resistance trendline, which previously capped attempts at reversal. A successful breakout would mark a structural trend change.
Notably, the price remains above the prior accumulation zone, reinforcing that accumulation is complete and a base has formed.
A decisive daily close above 0.00001390 would further confirm the start of a macro bullish reversal.
BONK Price Prediction
On the 1-hour chart, BONK has formed a clean five-wave impulsive structure from its low at 0.00001039.
The third wave peaked near 1.618 Fib extension at 0.00001398, and the current wave (iv) pullback is likely to occur.
A final wave (v) extension remains in play. If bullish momentum intensifies, leading to a breakout, it could target the 2.0 extension at 0.00001482 .
The immediate pullback in wave (iv) appears corrective and may find support around 0.00001213 (0.786 Fib retracement of wave (iii)), or lower at 0.00001176 (0.618).
Importantly, the RSI on the 1-hour chart is slightly overbought but still showing a bullish structure, suggesting any dip would be part of a healthy correction before the final leg of the move.
Should BONK break and close above 0.00001398, the next upside phase could push toward 0.00001550.
Conversely, the bullish impulse structure would invalidate if BONK closes below 0.00001090 (0.236 Fib), suggesting a deeper correction or a failed impulsive breakout.
BONK is poised at a critical juncture: a continuation above resistance confirms a bullish shift, while a failure would relegate it to further consolidation.
Momentum favors upside, but confirmation is essential.
Key Levels to Watch
- Immediate Resistance: 0.00001321 (1.272 Fibonacci extension).
- Key Resistance: 0.00001398 (1.618 Fibonacci extension).
- Major Target: 0.00001482 (2.0 Fibonacci extension).
- Immediate Support: 0.00001213 (0.786 retracement of wave iii).
- Critical Support: 0.00001090 (0.236 Fibonacci retracement).
- Short-Term Target for Wave (v): Above 0.00001482 if bullish momentum persists.
- Invalidation Zone: Below 0.00001090, undermining wave structure.
