Bonk has continued to rise over the past week, surging by 18.77%.
BONK is the fifth largest memecoin by market cap and has experienced considerable price volatility over the past seven days. It is currently trading at $0.00002094. This marks a 1.3% price drop over the past 24 hours.
However, prior to this price action, the memecoin’s price had fallen significantly, dropping to a low of $0.00001552.
Despite Bonk’s significant gains, it is still relatively below its recent high of $0.00003391. Therefore, the main question is whether the memecoin will rise further. Bonk has already broken out of the first wave of the Elliot cycle wave.
Notably, the analysis shows that Bonk will rise modestly, reclaiming the June low. However, it is crucial to determine what the current price action means.
If the current market conditions remain the same, the price of Bonk will rise. A breakout of the downward channel will strengthen memecoin and attempt to break through the $0.000025 resistance level.
Recently, Bonk's trading volume has surged by 17.7%, and the price has soared by 18.77%. In the short term, market sentiment has risen modestly to pay the June low, and technical indicators also further support the bullish trend and the positive sentiment of the market. It is expected to be bullish in the short term. In the long term, if market conditions remain unchanged, Bonk prices are expected to rise and break through the downward channel to increase strength, thereby trying to test the $0.0000225 resistance level.
