With a market cap of $2.894 billion, BONK is the 5th biggest meme currency in the crypto market. Currently, the BONK price is trading at $0.00003861, with a 19% surge in the past 24 hours.
BONK prepares for a massive rally upside as the bull run in meme coins continues. Following the 76% surge in the last 7 days, will the bull run in BONK result in an extended rally? Let’s find out in this BONK price analysis that it is filled with key technical insights and trend analysis.
In the daily chart, the BONK price action reveals a triangle breakout rally gaining momentum. The breakout rally challenges the 100% Fibonacci level as it faces higher price rejection from $0.00004109.
With an intraday gain of 2.29%, it marks the 6th consecutive bullish candle in the making.
The bull cycle accounts for a price surge of 75% in the last 5-6 days. Furthermore, in tracing back to the ongoing bull cycle’s inception, it started with the morning star pattern near the support trend line.
Since then, the meme coin has increased by 124% in 10 days from the bottom of $0.00001580. As the uptrend challenges a crucial psychological mark of $0.000040 in attempts for a new 52-week high, the upside chances are significantly increasing.
Amid the surge in buying pressure, the 50-day and 200-day SMA lines are on the verge of a bullish crossover. The MACD and signal lines have gained a massive bullish gap due to the surge of positive histograms. Hence, the technical indicators maintain a buy position for BONK.
As the BONK price continues to surge, a whale has recently taken entry in this meme coin. The whale spent 12,400 SOL tokens worth $2.7M to buy WIF tokens and BONK tokens. The whale spent 7,200 SOL tokens worth $1.57M to buy 406k WIF tokens and 5,200 SOL tokens worth $1.13M to buy 29.32 billion BONK tokens at $0.0000387.
As the confidence of whales continues to grow in the meme coin, speculations are increasing at an unprecedented rate.
Based on the Fibonacci retracement tool, a breakout rally above $0.00004109 will likely witness a bullish extension. The meme coin’s upside targets are at 1.272 and 1.618 Fibonacci levels.
These levels are priced at $0.00005329 and $0.00007416. Hence, with an upside potential of more than 90%, the meme coin shows massive room for growth.
On the flip side, a potential retest of the 78.60% Fibonacci level at $0.0000349 is possible due to the massive supply led by profit booking.
As meme coin rally picks up pace, are you curious how high BONK will go in 2024? Check out Coinpedia’s BONK price prediction to find price targets above $0..0000.
Based on Fibonacci levels, the upside targets for BONK are $0.00005329 (1.272 level) and $0.00007416 (1.618 level).
BONK’s bullish rally is supported by a triangle breakout, a potential golden crossover between the 50-day and 200-day SMA, and strong momentum from MACD indicators.
A retest of the 78.60% Fibonacci level at $0.0000349 is possible due to profit booking and supply pressures.
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