BONK is on the verge of breakout and experiencing a surge in its price with the overall market after several weeks of market volatility triggered by macro factors. As BTC is moving around its initial key support level, impacting the overall market, including BONK. Both traders and investors are closely watching this coin to get a maximum recovery. If a successful breakout occurs then it will lead to a new and fresh rally.
At the time of writing BONK is trading at $0.00001448 with a 24 hour trading volume of $128.2M and a market capitalization of $1.15B. The BONK price over the last 24 hours is up by 0.05% and over the last week its price is hit by market volatility and down by 6.06%, but also showing high potential for the next major rally.
BONK eyes breakout and poised to break $0.000037
Moreover, a crypto analyst, Jonathan Carter, highlighted that BONK has surpassed a broadening wedge pattern on the daily chart, a formation typically linked to increased volatility and shifts in trend direction. This breakout signifies an important turning point after an extended phase of consolidation and indecision. The price is currently sitting above the previous resistance line, and current price action indicates that buyers appear to be in control and are positioning for a prolonged upward trajectory.
Ever since the breakout occurred, the token has been undergoing a period of tight price consolidation which is generally considered a bullish continuation pattern by traders. This calm period within the market signals that participants are settling with the recent profits. Should the price bounce off the former resistance level, now support, this would reinforce the breakout’s legitimacy and indicate strength in the trend underlying the price action.
As per the latest updates by Analysts, if the bullish momentum continues. The first major price target will be at $0.000017 while the second one is $0.000025 which is a psychological middle point. The longer-term target of $0.000037 would also be good as it aligns with previous highs. Traders, encouraged by current market optimism and a confirmed breakout pattern. Now await volume spikes and confirmation signals to help push BONK toward key resistance levels.
