Will BONK Price Rise 10X? Analyst Highlights Levels to Watch
BONK is approaching a major support level, and its response might determine its price direction. A comprehensive technical analysis on TradingView predicts that the cryptocurrency's present setup may lead to a bullish breakout to retest its all-time high at $0.00005825 or a further slide below $0.00001497 in the coming days.
Descending Channel and Double Bottom Pattern for BONK cryptocurrency meme For the previous three months, BONK has traded in a falling channel with lower highs and lows on the daily candlestick period chart. This declining channel pattern began when BONK hit a record $0.00005825 on November 20, 2024.
The TradingView expert highlighted that the BONK price is retracing after rejecting at a lower high in the declining channel. The meme coin reached a major support zone at $0.000026 in the falling channel during this retracement. The price chart reveals BONK rebounded off this support zone on December 20, 2024, suggesting a double bottom pattern.
Look for BONK to test the $0.000026 crucial support level in the coming days. Should BONK recover from this level, breaking above the upper trendline of the descending channel, which is $0.000030–$0.000031, would signal a prolonged bullish advance.
The analyst identified multiple resistance levels for BONK on its way to a new all-time high after verifying the breakout. These include $0.00003657, $0.00004754, and $0.00006340, a significant resistance point.
The analyst warns that more pullback or panic selling may occur if BONK fails to provide bullish I-CHoCH confirmations in lower timeframes. This might induce a break below $0.000026 to reach another strong support zone, where a similar I-CHoCH confirmation would be needed to confirm a rebound. Without these confirmations, bullishness may be questioned.
BONK is now trading at $0.00002863, up 5% in 24 hours.
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