Bonk (BONK) has seen a significant 26.42% increase in the past week, attracting the attention of traders and analysts. With key technical indicators showing bullish signals, there’s speculation that BONK could be on the cusp of a major breakout. The price is approaching critical resistance levels, and a bullish harmonic pattern is emerging, indicating a potential significant move.

Technical Indicators

Resistance and Support Levels

Current resistance: $0.00002

Next resistance: $0.000025

Support level: $0.00002 – $0.000021

Moving Average Convergence Divergence (MACD)

The MACD indicator has turned bullish, which occurs when the MACD line crosses above the signal line. This suggests a potential upward momentum in BONK’s price.

Relative Strength Index (RSI)

The RSI has broken through the downward trendline and is currently at 44, indicating a shift toward bullish momentum. Historically, this level has acted as resistance, and breaking above it suggests further gains.

Harmonic Pattern: Deep Crab

The chart reveals a Deep Crab harmonic pattern, typically signaling a bullish price movement. The price has reached the first profit target at the 23.6% Fibonacci retracement level of $0.000024343 but has not yet closed above it.

Fibonacci Analysis

The Fibonacci retracement from the low on April 13 to the high on May 28 identifies a golden pocket between $0.0000236245 and $0.0000246596. This aligns with the 23.6% retracement from both the June 24 low to the June 28 high and the May 28 high to the June 24 low. The confluence suggests a critical level for BONK to break through.

Strategy

Given the current analysis, a cautious approach is recommended:

Entry Point

Wait for a confirmed breakout: above $0.000025 before entering a long position.

Alternative Entry: Consider entering between $0.00002 and $0.000021 if the price fails to break through $0.000025 and retraces back.

Profit Targets

If BONK breaks out and closes above the psychological price point of $0.000025, the profit targets are:

  • First profit target: $0.000026
  • Second profit target: $0.000028
  • Third profit target: $0.00003

Each level must be confirmed close to the previous target to validate the next target.

It’s crucial to stay vigilant as meme coins like BONK are highly volatile and may not always adhere to logic or technical analysis. Adjust positions accordingly based on market movements.

Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.

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