With meme coins crowding the top performers’ spot, will BONK hit the $0.000041 mark this October?
As the crypto market is poised for a bull run, meme coins are back in the game. Spearheading the bull market, trending meme coins like BONK showcase massive upside potential.
Breaking above crucial resistance levels amid bullish patterns, BONK teases a bull run to $0.000041.
BONK Breakout Rally
In the daily chart, the BONK price action reveals a trend-reversal rally resulting in a breakout event. With a bullish reversal from $0.000001567, the meme coin is back in action.
Following last night’s 8.59% jump, an engulfing candle marks a breakout event. The meme coin surpasses a long-coming resistance strain line of a falling channel pattern.
Over the past seven days, the double-bottom reversal has resulted in a 25% surge in Bonk from $0.000001917 to the current market price of $0.000002395. Furthermore, the bullish reversal from $0.000001567 forms a rising wedge pattern.
Within the rising wedge, Bonk shows a double-bottom at $0.000001984. Despite the neckline breakout at $0.00002404 BONK struggles to surpass the overhead trend line near the 38.2% Fibonacci level at $0.000002265.
On the technical side, the MACD and signal lines give a bullish crossover, teasing an uptrend.
Where’s BONK Price Headed?
The bull run may likely continue with the buyers anticipating a bullish post-retest reversal near the 50% Fibonacci level at $0.0000025. Optimistically, the rising wedge breakout rally is expected to reach the peak of the falling channel at $0.00004109.
Supporting a bullish trend, analyst ASTEKZ shared a post about a trendline breakout rally gaining momentum in BONK. Based on the price chart shared by ASTEKZ, the next price targets are $0.0000035, $0.0000048, and $0.0000070.
On the contrary, an intraday pullback of 1.07% and a higher price rejection in the meme coin warn of a negative cycle within the rising wedge. Nevertheless, the negative cycle will likely come as a potential retest of the broader falling-channel-pattern breakout.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
