Analyst Says This Meme Coin Is Headed For A New ATH – It’s Not Dogecoin

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As a seasoned analyst with over two decades of experience in the financial markets, I have witnessed numerous bull and bear cycles, and I must admit that the current trajectory of Bonk (BONK) has piqued my interest. The Elliott Wave theory, when applied to the BONK price chart, suggests a strong possibility of reaching new All-Time Highs (ATH).

After experiencing a surge to record highs recently, the meme cryptocurrency Bonk (BONK) has since dipped and is currently stabilizing. A crypto expert observed that Bonk might be undergoing a corrective Wave 3 drop, which implies that the meme coin could potentially break free from its downward trend and aim for another All-Time High (ATH).

Bonk Price Set For $0.00006 ATH 

The Elliott Wave theory is a technical analysis of patterns that help predict cryptocurrency price movements or the overall trajectory of the market. The Bonk price chart shared by prominent crypto analyst Bluntz is labeled with Elliott Wave theory patterns from waves one to five. This five-wave structure indicates a potential move upwards to new ATHs for Bonk.

In a recent post on X (previously Twitter), Bluntz disclosed that the value of Bonk had returned to approximately 46.09% of its highest point, according to Elliott wave theory, signifying the end of the corrective Wave C. This three-wave pattern visible in the Bonk price chart indicates a typical pause phase often seen during market fluctuations.

In simpler terms, the expert sees this dip in Bonk’s price as a normal adjustment within an overall positive trend. Although Bonk is currently selling for $0.000038, its pattern suggests it might regain its previous growth trajectory and potentially hit new all-time highs around $0.00006.

According to Bluntz, the recent drop in Bonk’s price might offer a unique chance for investors to purchase this meme coin, as his confidence in Bonk’s positive future trend is high. By the fifth wave, approximately 2025, the analyst predicts that Bonk’s price will surge significantly, potentially approaching its anticipated all-time high (ATH).

On the chart’s lower section, the Relative Strength Index (RSI) is close to 45. This suggests that Bonk might be approaching oversold territory soon. Consequently, the hypothesis that a price rebound could occur gains support.

Analyst Predicts Bonk Price Will Erase A Zero

Furthermore, crypto expert Sensei has drawn parallels between Bonk’s price forecast and Bitcoin‘s Elliott Wave pattern analysis. He noted that during the last year, Bonk exhibited a period of accumulation, characterized by relatively stable pricing.

As a crypto investor, I’ve noticed an impressive surge in the value of my meme coin holdings. This upward trend kicked off when it broke out during the initial phase of the Elliott wave cycle. In the second wave, as illustrated by the price chart, an analyst pointed out a correction period where the price of Bonk stabilized and some investors with less strong convictions decided to exit the market.

According to Sensei’s forecast, it’s likely that Wave 3 will boost Bonk to a fresh all-time high (ATH). This wave is typically the strongest one. Subsequently, during Wave 4, Bonk may undergo another minor correction. However, once this phase is over, Bonk is anticipated to soar past $0.0001, eliminating a zero from its current price and establishing a new ATH in Wave 5.

Teacher points out that the wave pattern in Bonk resembles Bitcoin’s past wave patterns, implying these similarities could bolster Bonk’s argument for hitting a fresh all-time high.

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2024-12-15 00:41