Analyst Predicts Massive Breakout For BONK Price, Here’s The Target

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As a seasoned crypto investor with a knack for spotting trends and interpreting charts, I find myself intrigued by the latest analysis on BONK. Having navigated through countless market cycles, I’ve learned to read between the lines of price action and technical indicators.

In the last day, BONK, a meme coin built on the Solana network, has found itself in a narrow trading band as it approaches a significant point that could trigger an upward trend in the near future. This key moment follows some intriguing price fluctuations over the past week, during which the meme coin surged above its previous levels only to plummet again within a day.

Currently, the price of BONK is stabilizing following its reach of a supportive level. As per the analysis by crypto expert World Of Charts, this period of stability is building the necessary energy for a possible breakout. It’s anticipated that the subsequent action will drive prices upward.

Massive BONK Price Breakout Incoming

On social media platform X, Crypto analyst World Of Charts shared an intriguing analysis on the recent fluctuations in the price of BONK. The post included a BONK price chart showing a pattern that has been developing since early 2024. This pattern appears to be a symmetrical triangle, with BONK’s price trending between lower highs and higher lows.

Additionally, the BONK price graph demonstrates that the humorous cryptocurrency has tried the upper boundary of this symmetrical triangle on numerous occasions. The latest breakout effort at the end of September saw the value reach the upper boundary after it peaked at $0.00002557, only to then plunge significantly.

Recent price action has seen the BONK price retesting and consolidating along this upper trendline, with World Of Charts highlighting an expected breakout to the upside. Based on his prediction, the analyst projected a breakout to the upside and a potential price surge of 168%. This would set the stage for a powerful rally to a price target of $0.000062.

What’s Next For The Meme Coin?

According to World Of Charts’ prediction, the value of the meme coin Bonk could surpass its existing record high of $0.00004547 by year-end if a breakout occurs. At the time of the analysis, Bonk was hovering around $0.000023 as it tested the upper boundary of a symmetrical triangle trendline.

As I pen this down, BONK has dipped more and hasn’t managed to surpass the upper boundary in the past 24 hours. At present, it’s being exchanged at $0.00002094, representing a 0.9% decrease over the last day. However, this short-term dip shouldn’t dampen optimism due to the overall upward trend persisting. Over the past 30 days, BONK has climbed around 26%, suggesting that the long-term bullish trend towards higher prices is still in progress.

The fact that BONK’s price hasn’t surpassed its trendline suggests it might continue to drop. Technical analysis suggests negative momentum for this meme coin since it’s currently trading beneath its 50-day Simple Moving Average (SMA). Moreover, the Relative Strength Index (RSI) shows a decrease in buying interest at present.

Analyst Predicts Massive Breakout For BONK Price, Here’s The Target

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2024-10-10 04:11