BONK Price Targets $0.00004: Forecast and Analysis
#Bitcoin As we move towards the $67,000 level, the cryptocurrency market volume is officially shifting to memecoins. $BONK emerges as the highest gaining memecoin with a 16% price jump since yesterday.
Amid the recent market recovery, the #Bonk price correction managed to form a stable bottom at the $0.000018 support. The bullish reversal sent the asset up 76% to trade at $0.00003183, with the market jumping to $2.19 billion.
The rising price pushing the upper limit of the Bollinger Band indicator emphasizes that buyers are aggressive and ready to purchase this asset at a premium.
However, looking at the daily time frame chart, it can be seen that the current recovery is still in a rising wedge formation. The two trend lines of this chart pattern offer BONK investors dynamic resistance and support, protecting the asset from a major price movement.
Today, BONK price is up 16.8% with a 76% jump in trading volume, indicating high buying sentiment from investors. A rise in the ADX indicator towards 16% indicates that buyer momentum is starting to increase.
With sustained buying, Solana-based meme coin Bonk could rise 48% to challenge the pattern's overall trendline at $0.000046. This potential retest will be an important moment for BONK to influence short-term trends.
If supply pressure at this resistance level continues, BONK price may enter a new bear cycle within the wedge and extend the consolidation.
On the contrary, a possible breakout from the resistance trend line will provide buyers with appropriate support to extend future rallies. A post-breakout rally could push the asset to $0.000051, then to $0.000057.