BONK Surges 25%, Targeting Explosive $0.000041 Breakout This October
- BONK surged 25% in the last week, breaking a key resistance level, signaling potential for further gains.
- Technical analysis shows a bullish reversal, with indicators like the MACD supporting upward momentum.
- Analysts predict BONK could reach $0.000041, but short-term volatility may cause pullbacks.
Meme coins are leading the charge once again as the cryptocurrency market gears up for a potential bull run. BONK, one of the top-performing meme coins, is catching the attention of traders and analysts alike with its potential for a massive price breakout. The question is whether the meme coin will hit the $0.000041 mark this October?
In recent days, BONKs price action has painted a clear picture of a trend reversal. Starting at a low of $0.000001567, the meme coin has surged back, catching the eye of both retail and institutional investors. A key event occurred last night when the token jumped by 8.59%, signaling a breakout from a falling channel pattern that had been restricting its upward momentum.
In the past week, the meme coin has experienced a 25% price increase, rising from $0.000001917 to its current level of $0.000002395. Technical analysis indicates the formation of a rising wedge pattern, with a double bottom seen at $0.000001984. Additionally, the MACD indicator and a bullish crossover suggest that the upward momentum may continue.
Despite these gains, BONK faces a significant challenge in overcoming resistance near the 38.2% Fibonacci retracement level at $0.000002265. This level will determine whether the meme coin can continue its upward trajectory or fall back into a consolidation phase.
Wheres BONK Price Headed?
Analysts are optimistic that BONKs recent rally is just the beginning. If the price continues to rise, the next critical target is the 50% Fibonacci retracement level at $0.0000025. Breaking above this could open the door for further gains, with some predicting a run to $0.0000035, $0.0000048, and even $0.0000070.
One of the most bullish forecasts comes from popular crypto analyst ASTEKZ, who recently posted an analysis showing a trendline breakout for BONK. According to his chart, the meme coin could reach the coveted $0.000041 mark, marking a significant milestone for the asset.
However, its not all smooth sailing. An intraday pullback of 1.07%, along with a noticeable price rejection, suggests that BONK could experience some short-term volatility. A retest of the broader falling channel pattern may be on the horizon before the coin makes another attempt at breaking out.
As meme coins regain their spotlight, all eyes are on BONK to see if it can sustain its rally and hit new highs this October.
Read more: https://www.tronweekly.com/bonk-surges-25-targeting-0-000041-breakout/
Text source: TronWeekly
