As the bullish influence grows over the crypto world, altcoins, especially meme coins, are rising at a breakneck speed. Amidst the meme coins, the BONK price shows a bullish reversal rally gaining momentum.
With the bullish sentiments on the rise, the meme coin is ready for a breakout rally to reach a new all-time high in May. Will BONK jump by 60%? Find out more about our BONK price prediction.
The BONK price siphoned bullish momentum from the market during the bull run before the SEC’s approval for an Ethereum Spot ETF. With the additional demand, the meme coin jumped from the $0.000022 level to prolong the prevailing uptrend.
The bullish reversal comes with the falling wedge breakout and completes a rounding bottom reversal. Further, the neckline of the trend continuation pattern is at the $0.000038 level.
Currently, the BONK price shows an almost 50% surge, challenging the overhead resistance for a breakout. However, with the intraday drop of 5.94%, the meme coin trades at $0.00003311, warning of an intense correction.
Technical Indicators:
MACD: The bullish trend in the MACD and signal lines continue in the positive territory with a rise in histograms.
DMI: The VI lines showcase a massive divergence for a bullish gap with a banana curve in the ADX line. Thus, the technical indicators bolster the uptrend in action.
As per the Fibonacci levels, the BONK price stays above the 78.60% Fibonacci level at $0.000033. However, the intraday drop warns of a bearish continuation. In such a case, the turnaround rally will take a pause and retest the 61.80% Fibonacci level at $0.00002859.
Optimistically, a bullish trend will reach the $0.00005289 level, coinciding with the 1.618 Fibonacci level.
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