As the cryptocurrency market readies itself for a potential bull run, meme coins are once again making waves, and BONK is leading the charge. Traders and analysts are buzzing with excitement over this top-performing meme coin, speculating on its potential for a substantial price breakout. The pivotal question on everyone’s lips: Can BONK hit the $0.000041 mark this October?
A Clear Trend Reversal
Recent price action for BONK suggests a promising trend reversal. Starting at a low of $0.000001567, BONK has surged back, capturing the attention of both retail and institutional investors alike. A key moment unfolded last night when the token experienced an impressive 8.59% jump, breaking free from a falling channel pattern that had constrained its upward momentum for some time.
In just the past week, BONK has recorded a 25% price increase, climbing from $0.000001917 to its current level of $0.000002395. Technical indicators further support the notion of a continuing upward trend, with a rising wedge pattern forming and a notable double bottom established at $0.000001984. Moreover, the MACD indicator shows a bullish crossover, indicating that BONK may still have plenty of steam left to climb.
Key Resistance Levels Ahead
Despite these impressive gains, BONK faces a significant hurdle at the 38.2% Fibonacci retracement level situated at $0.000002265. This price point will be crucial in determining whether the meme coin can maintain its upward trajectory or if it will slip back into a consolidation phase.
Optimism surrounds BONK’s recent rally, with analysts suggesting that this could just be the tip of the iceberg. Should the price continue to climb, the next critical target is the 50% Fibonacci retracement level at $0.0000025. Surpassing this barrier could lead to further bullish momentum, with predictions pointing toward potential targets of $0.0000035, $0.0000048, and even an ambitious $0.0000070.
One of the most bullish projections comes from renowned crypto analyst ASTEKZ, who recently highlighted a trendline breakout for BONK in his analysis. His charts suggest that the meme coin could indeed reach the coveted $0.000041 mark, marking a significant milestone for this digital asset.
Also Read: Bonk (BONK) Jumps 10% In 24 Hours, Market Cap Hits $1.67B Amid Bullish Momentum
Watch for Volatility
However, it’s important to note that not everything is smooth sailing for BONK. An intraday pullback of 1.07%, combined with a visible price rejection, indicates that the coin may experience some short-term volatility. A retest of the broader falling channel pattern could be on the horizon before BONK makes another attempt at a breakout.
The Bottom Line
As meme coins reclaim their spot in the limelight, all eyes are on BONK to see if it can maintain its rally and potentially hit new highs this October. With a blend of bullish technical indicators, enthusiastic trader sentiment, and a clear resistance level to watch, BONK is poised for an exciting month ahead. Will it conquer the $0.000041 milestone? Only time will tell, but the excitement surrounding this meme coin is palpable.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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