BONK, a Solana-based meme coin, has been caught in a good vary previously 24 hours because it reaches a crucial junction that may decide whether or not a rally happens within the coming days. Reaching this crucial junction comes on the heels of fascinating worth motion previously seven days, which noticed the meme coin break above and instantly crash in lower than 24 hours.
Now, the BONK worth is consolidating after reaching a help. In keeping with crypto analyst World Of Charts, this consolidation part is producing the momentum wanted for a possible breakout, with the subsequent transfer more likely to push costs larger.
Large BONK Worth Breakout Incoming
Crypto analyst World Of Charts lately took to social media platform X to disclose an fascinating evaluation of the current BONK worth motion. Accompanying his submit was a BONK worth chart that exposed a sample forming because the starting of 2024. In keeping with the chart, BONK has been transferring inside a symmetrical triangle characterised by the formation of decrease highs and better lows.
Moreover, the BONK worth chart reveals that the meme coin has examined the higher trendline of this symmetrical triangle a number of instances. The newest breakout try on the finish of September noticed the value contact the higher trendline after it peaked at $0.00002557 earlier than pulling again sharply.
Current worth motion has seen the BONK worth retesting and consolidating alongside this higher trendline, with World Of Charts highlighting an anticipated breakout to the upside. Based mostly on his prediction, the analyst projected a breakout to the upside and a possible worth surge of 168%. This may set the stage for a strong rally to a worth goal of $0.000062.
What’s Subsequent For The Meme Coin?
World Of Chart’s BONK worth projection places the meme coin breaking above its present all-time excessive of $0.00004547 earlier than the top of the yr if a breakout manifests. On the time of his evaluation when the BONK worth was retesting the symmetrical triangle’s higher trendline, BONK was buying and selling round $0.000023.
On the time of writing, BONK has declined additional and has failed to interrupt above the higher trendline previously 24 hours. At the moment, the meme coin is buying and selling at $0.00002094, marking a 0.9% drop throughout the final day. Regardless of this short-term decline, the broader pattern nonetheless leaves room for optimism. BONK stays up by roughly 26% during the last 30 days, indicating that bullish break to the upside remains to be in play in a bigger timeframe.
The failure of BONK’s worth to interrupt above the trendline additionally opens up the risk of a continued reversal to the draw back. Technical indicators venture a bearish momentum, because the meme coin is now buying and selling under the 50-day Easy Transferring Common (SMA). Moreover, the RSI additionally signifies an absence of shopping for momentum on the time of writing.
Featured picture created with Dall.E, chart from Tradingview.com
