BONK Price Breakout Overcomes Correction, Eyes 40% Upside

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With buyers reclaiming the strong footing over the 50-day EMA, the meme coin is signaling multiple entry opportunities with the most recent breakout. As the BONK price overcomes the pullback phase, the resistance trendline breakout results in a price jump.

Despite the quick jump last week, the uptrend in the BONK price is ready for a trend reversal this month. With such high anticipations, check out our Bonk price prediction to find out the potential high formation of this Solana-based meme coin in 2024.

Source – Tradingview

Rising above the 50% Fibonacci level, the BONK price is displaying a trend reversal rally gaining momentum. With the bullish comeback from the 61.80% Fib level breaking above the overhead resistance trendline, the meme coin concludes the prevailing pullback phase. 

Further, the double bottom reversal from the 61.80% Fib level accounts for 32% in the last six days. Retesting the double bottom breakout, the buyers are ready to bounce back from the neckline at $0.000012 and the 50-day EMA.

Currently, the BONK price trades at $0.0000129523 with an intraday move of a 1.80% drop following the 6.64% jump last night. Hence, the demand at lower levels projects a high possibility of an uptrend. 

Technical indicators: 

MACD Indicator: The daily MACD and signal lines are diverging in a bullish fashion as they gain momentum following the positive crossover. Hence, the indicator supports the possibility of a post-retest jump. 

Will BONK Price Reach $0.000035?

As Dogecoin loses its place in the Top 10 crypto, the Solana-based meme coin, BONK price, has the opportunity to make its name among the top players. Moreover, the recent bullish breakout of the double bottom and the resistance trendline crossing over the 50-day EMA teases a trend reversal with increased momentum.

Consequently, if buyers persist above the 50D EMA until the New Year run, the recovery rally has the potential to reach the $0.000035 mark.

On the flip side, the downside chances will be below the $0.000010 mark.