As BONK challenges a crucial resistance with the ongoing recovery, will the bulls create a new all-time high this November?
The BONK meme coin is currently trading at $0.00003394. Due to the broader market pullback, the BONK price has fallen by 8.82% from its opening price of $0.00003724.
Prior to the intraday pullback, the bullish revival in BONK price led to a 132% surge. The recovery rally started from $0.00001717 and peaked at $0.000040. Will this uptrend result in a new all-time high in BONK?
BONK Price Rally Provides Retest Entry Opportunities
The bullish recovery in BONK surpassed the 78.60% Fibonacci level, rising to $0.00003426. However, with the broader market pullback, the meme coin retests the Fibonacci level after facing opposition from a crucial resistance zone. The overhead supply zone extends from $0.00003766 to $0.00004109.
Following a massive bullish engulfing candle with a 40% jump on Tuesday, the current bearish pullback is forming a piercing candle, suggesting a retest of the broken Fibonacci level. The lower price rejection seen in the daily candle increases the likelihood of a reversal.
Furthermore, the bearish pressure is hinting at an imminent golden crossover between the 50-day and 200-day simple moving averages (SMAs). Additionally, the 100-day SMA is showing an upward trend. Based on these moving averages, BONK appears to be in the midst of a strong recovery rally.
The MACD and signal lines are also showing a growing bullish gap, with positive histograms continuing to surge.
BONK Price Targets
In the weekly chart, BONK’s price action shows a bullish breakout of a triangle pattern. It formed a bullish pennant pattern with the prevailing uptrend.
However, the recovery run struggles to surpass the 23.60% Fibonacci level at $0.00003483 convincingly. Further, the weekly MACD indicator shows a positive crossover, supporting the bullish upside.
The 23.60% Fibonacci level, which was retraced during the late 2023 bull run, has acted as a key resistance point, holding back bullish growth four times.
This is the fifth attempt to break through. If the breakout succeeds, the next price targets are $0.00007542 and $0.00001408. A successful breakout would significantly increase the chances of BONK reaching a new all-time high.
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