BONK Price Ready To Surge 1,105% From Here? Analyst Reveals Key Levels To Watch
BONK price trend Bringing it close to a key support level, its reaction could determine or break its price trajectory. Detailed technical analysis on the TradingView platform suggests that the cryptocurrency’s current setup could lead to a bullish breakout, a retest of the all-time high of $0.00005825, or a further decline below $0.00001497, depending on how price action unfolds in the coming days.
BONK’s Descending Channel and Double Bottom Pattern
Meme Cryptocurrency BONK Is Basically Trading Within a Descending Channel past three monthswhich is characterized by the formation of lower highs and lower lows on the daily candlestick time frame chart. This descending channel pattern Start after BONK is reached A new all-time high of $0.00005825 was reached on November 20, 2024.
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as pointed out TradingView AnalystBONK price is currently showing signs of a healthy pullback after rejecting lower highs within a descending channel. This pullback now has the meme token within a descending channel at a key support area around $0.000026. Interestingly, a retest of this support area hints at the possibility of a double bottom pattern, as the price chart shows BONK bouncing off this area on December 20, 2024.
A double bottom is a bullish situation for BONK price. However, analysts stress that for this double-dip scenario to materialize, shorter time frames must be confirmed. Specifically, a bullish internal character change (I-CHoCH) within the current support area would indicate that buyers are re-entering the market, which would increase the likelihood of a breakout of the descending channel.
BONK Price Key Price Levels to Watch
The $0.000026 level is Highlighted as critical support It will be worth watching over the next few days to see how BONK ultimately performs. If BONK rebounds from this level, the first step toward a sustained bullish trend would be a breakout of the descending channel’s upper trendline, which would be between $0.000030 and $0.000031.
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After confirming the breakout, analysts noted several resistance levels BONK will encounter this on its way to all-time highs. These levels include $0.00003657, $0.00004754, and strong resistance at $0.00006340.
However, analysts also noted that there is still a risk of further pullbacks or even panic selling, especially if BONK fails to show bullish confirmation via I-CHoCH on the lower time frames. This scenario could lead to a drop below $0.000026 to another strong support zone, where a similar I-CHoCH confirmation would still be needed to validate a potential rebound. Without these confirmations, The bullish outlook may be invalidated.
At the time of writing, BONK is trading at $0.00002863, up 5% in the past 24 hours.
Featured image created using Dall.E, chart from Tradingview.com
