The BONK meme coin is currently trading at $0.00003394. Due to the broader market correction, the BONK price has fallen 8.82% from its opening price of $0.00003724. #btc7772
The bullish recovery in BONK’s price led it to rise by 132% before the intraday pullback. The recovery rally started from $0.00001717 and reached as high as $0.000040. Will this uptrend lead BONK to a new all-time high?
On the weekly chart, BONK’s price action is showing a bullish breakout of a triangle pattern. It has formed a bullish pennant pattern with the prevailing uptrend.
However, the recovery momentum has struggled to convincingly surpass the 23.60% Fibonacci level at $0.00003483. Moreover, the weekly MACD indicator shows a positive crossover, supporting a bullish upside move.
The 23.60% Fibonacci level of the retracement during the late 2023 bull run has been acting as a key resistance point, inhibiting bullish growth four times.
This is the fifth attempt to breakout. If the breakout is successful, the next price targets are $0.00007542 and $0.00001408. A successful breakout will significantly increase the chances of BONK setting new all-time highs.
