New Bullish Pattern Sets BONK Rally to $0.00002
The formation of an inverted head and shoulders pattern on the 4-hour chart indicates a potential trend reversal for BONK. This bullish pattern suggests that buyers may drive the price up by 22% to reach the neckline resistance at $0.0000177. A successful breakout above this level could indicate a stronger trend reversal, with a further target of $0.0000257.
Why Bonk Is At Risk of a 30% Drop?
If BONK fails to maintain its current recovery and drops below the $0.000013 support level, it may face selling pressure and experience a significant decline of 30%. This could bring its price down to $0.00001.
- Exponential Moving Average: The BONK price has jumped above crucial EMAs (20, 50, 100, and 200), indicating a turning point towards a bullish trend.
- Average Directional Index: A falling ADX slope suggests that buyers are trying to recover from exhausted bullish momentum in occasional pullbacks.
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Hot Take: Bonk Price Prediction
The Solana-based memecoin Bonk has shown a strong recovery from its support level of $0.00000936, with a growth of 92% as the price reached a high of $0.00001795. The formation of an inverted head and shoulders pattern suggests further growth for the memecoin. However, there is also a risk of a 30% drop if BONK fails to maintain its recovery. Traders should watch for a breakout above the neckline resistance at $0.0000177 as a stronger indication of a trend reversal. Overall, the future trajectory of BONK will depend on market dynamics and investor sentiment.
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