Analyst Crypto Patel has predicted a massive rally for BONK memecoin. In a tweet, Patel highlighted a breakout from a descending triangle pattern, which indicates bullish momentum.
He added that there is a chance for an advance because BONK recently retested the weekly support level of $0.000030. Patel emphasized that the accumulation zone, ranging from $0.000029 to $0.000033, acts as a key support level, and if this range holds, a major price movement could occur.
The expert’s chart showed a target price at approximately $0.00020742, which would be a 500% gain from the present levels. For risk management, recommended stop-loss levels are placed at $0.000024 or below $0.000028.
Big $BONK Move Coming: Breakout Looks Strong so Targeting Huge 500% Jump! #BONK has just broken out bullishly, retesting above the weekly support at $0.000030. If this holds, we might witness an explosive 500% move from the accumulation range of $0.000033-$0.000029!Targets:… https://t.co/4869qTEfwK pic.twitter.com/5zVb5R4C4O
— Crypto Patel (@CryptoPatel) January 6, 2025
Key BONK Price Levels to Watch
Patel’s BONK chart incorporates Fibonacci retracement levels to outline potential resistance and support areas.
The 0.5 level at $0.00003272 serves as the breakout level from the accumulation zone. Additionally, the 0.382 level at $0.00003811 acts as the initial resistance. The 0.618 level at $0.00002810 is anticipated to offer more support in the event of a pullback.
The alignment of these Fibonacci levels with the accumulation range adds weight to the bullish case for BONK. However, monitoring volume and momentum to sustain the predicted upward trend will be crucial. Moreover, breaking through resistance levels is a prerequisite for reaching the 500% rally target.
BONK’s Price Action and Trading Volume Surge
At press time, data from Coingecko shows BONK is trading at $0.00003457, reflecting a 14.05% increase over the past week. The daily trading volume stands at $307 million, indicating growing interest. This upward trend aligns with Patel’s analysis, further fueling speculation about the memecoin’s potential rally.
The breakout above the descending triangle resistance and subsequent accumulation have interested traders. The analyst noted that sustained bullish momentum will be key to achieving the price target.
Read also: How High Can XRP Go if Bitcoin Hits $150K? – XRP Price Prediction
Market Conditions Remain Critical
Crypto Patel’s analysis underscores the importance of risk management in volatile markets. Stop-loss recommendations at $0.000024 or below $0.000028 are designed to minimize potential losses during pullbacks.
However, traders should remain cautious of resistance at Fibonacci levels, which may slow the projected rally. Market sentiment and trading volume will play pivotal roles in determining BONK’s trajectory. The memecoin’s ability to maintain momentum and break through resistance zones will be crucial in realizing its bullish potential.
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