As the crypto community grows, so does the level of ridiculousness, as meme coins are now starting to shine and seemingly attempt to change the digital currency landscape. Today's headlines are focused on the meme coin BONK. If the meme coin breaks $0.000041 in October, it will make history as it sets a new milestone and cements a tough spot for itself in the market — and sets the stage for what one analyst is calling the "start of dog season."
BONK: Recent price movements signal a change
BONK’s price action has shown a trend reversal recently. After bottoming out at $0.000001567, the coin has recently started gaining traction and has attracted attention not only from the retail market but also from the institutional market. What is noteworthy here is that the most recent price increase was 8.59%. Until the day of this increase, the price remained relatively unchanged from this percentage.
Over the past week, BONK has increased by nearly 20% and traded from $0.000001917 to near $0.000002395. Technical indicators show that it has formed a rising wedge and could continue with the double bottom pattern formed on June 24 at $0.000001984. The upward MACD line with a bullish crossover further strengthens its bullish momentum.
Key Resistance Levels and Analyst Predictions
BONK has faced strong resistance at the 38.2% Fibonacci retracement level at $0.000002265, negating the recent rally. Failure to clear this level would see the coin enter a consolidation phase instead of a rally.
The next resistance level that BONK needs to overcome is the 50% Fibonacci retracement level at $0.0000025. According to analysts' estimates, at this level, the price could rise to highs of $0.0000035, $0.0000048, or $0.0000070.
Potential obstacles and market volatility
However, BONK does not have an easy road ahead. On the one hand, the coin recently faced a small 1.07% intraday drop accompanied by signs of price rejection, which could indicate or lead to short-term volatility that could further derail the meme coin’s growth.
Therefore, there could be a retest of the broader falling channel pattern, which could herald another breakout attempt.
With meme coins making a comeback in the crypto space, any news about BONK in October will be closely watched as the market waits to see if the coin continues its rally, reaches new highs, or hits new lows in the coming weeks.