Bounce Token (AUCTION) Rises Over 100% Since Last Week

Key Takeaways

• Major breakout from a descending wedge.
• Wave (iii) peaked, corrective wave (iv) forming.
• The potential upside is $31.54 if momentum sustains.
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Bounce Token (AUCTION) has experienced a strong breakout from a long-term descending wedge, leading to a rapid surge past key resistance levels.

Though a corrective pullback may be imminent, the rally appears impulsive, aligning with an Elliott Wave structure that suggests further upside.

The 4-hour chart reveals the larger macro trend, while the 1-hour chart highlights the near-term wave counts and potential price movements.

AUCTION Price Analysis

Bounce Token has decisively broken out of a long-term descending wedge, signaling a shift in market sentiment.

The breakout saw AUCTION surge from approximately $13.35 to a peak of $26.25, representing an aggressive rally of over 100% that aligns with an impulsive Elliott Wave sequence.

The rally confirms a wave (iii) structure, with price action now expected to enter a corrective wave (iv) before a potential final leg higher.

Fibonacci retracements highlight key support zones where wave (iv) may find demand. The 0.382 ($20.93) and 0.5 ($19.32) retracement levels serve as immediate correction targets, while a deeper pullback could test the 0.618 level at $17.63.

The RSI, previously overbought, has begun to cool off, supporting the case for consolidation before further upside.

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On the higher time frame, AUCTION remains bullish as long as it holds above the breakout zone near $13.35.

If the corrective wave (iv) stabilizes above key support, wave (v) could propel the price toward the 1.618 Fibonacci extension at $31.54.

However, failure to maintain above $16.45 (0.5 Fibonacci retracement) could indicate a more extended correction.

AUCTION Price Prediction

The 1-hour chart provides more granularity on the unfolding Elliott Wave structure. AUCTION completed wave (iii) near $26.25 and has begun a corrective wave (iv).

The initial retracement saw the price drop toward $24.21 (1.272 Fib extension), indicating the start of a potential ABC corrective structure.

If wave (iv) continues developing, support can be found at $20.93 (0.618 Fibonacci), where buyers may step in. A shallower correction would target the 0.5 retracement at $19.32.

RSI cooling off from overbought conditions supports this scenario. A decisive hold at these levels would confirm wave (iv) completion and set the stage for wave (v).

Wave (v) projections suggest a bullish target of $31.54 (2.0 Fib extension) if momentum sustains. Secondary resistance exists at $28.00 (1.618 Fibonacci), where the price may face some profit-taking.

If AUCTION struggles to break above $26.25 (0.5 Fibonacci retracement from the larger decline), a weaker wave (v) scenario may unfold, capping gains near $28.00.

A failure to maintain support above $17.63 would invalidate the bullish outlook, increasing the likelihood of a deeper pullback toward $13.35.

However, as long as the price respects the Fibonacci retracement zones, the overall bullish trend remains intact.

If wave (iv) finds support within expected zones, AUCTION remains poised for another impulsive move higher, potentially extending beyond $31.54 if momentum sustains.

Key Levels to Watch

• Immediate Resistance: $26.25 (0.5 Fibonacci retracement).
• Key Resistance: $28.00 (1.618 Fibonacci extension).
• Major Resistance: $31.54 (2.0 Fibonacci extension, potential wave (v) target).
• Immediate Support: $20.93 (0.618 Fibonacci retracement).
• Key Support: $19.32 (0.5 Fibonacci retracement).
• Critical Support: $17.63 (0.618 Fibonacci retracement).
• Invalidation Zone: Below $16.45, increasing downside risk.