Rally

Bitcoin ETF

Bitcoin

Bonk

Spot

<img width="1946" height="893" src="https://coingape.com/wp-content/uploads/2024/01/QHkSj4MK.png" class="attachment-full size-full wp-post-image" alt="Bonk Price Prediction" decoding="async" style="float:right; margin:0 0 10px 10px;" srcset="https://coingape.com/wp-content/uploads/2024/01/QHkSj4MK.png 1946w, https://coingape.com/wp-content/uploads/2024/01/QHkSj4MK-300x138.png 300w, https://coingape.com/wp-content/uploads/2024/01/QHkSj4MK-1224x562.png 1224w, https://coingape.com/wp-content/uploads/2024/01/QHkSj4MK-768x352.png 768w, https://coingape.com/wp-content/uploads/2024/01/QHkSj4MK-1536x705.png 1536w, https://coingape.com/wp-content/uploads/2024/01/QHkSj4MK-150x69.png 150w" sizes="(max-width: 1946px) 100vw, 1946px">
Bonk Price Prediction: Amidst the market excitement over the anticipated approval of <a href="https://coingape.com/whats-next-after-spot-bitcoin-etf-expert-unveils-key-trends-to-watch/">Spot Bitcoin ETFs</a>, the Solana-based memecoin Bonk has demonstrated a remarkable recovery from its support level of $0.00000936 earlier this week. This bullish reversal scored 92% growth as the price hit a high of $0.00001795. Amid this upswing, the 4-hour time frame chart showcased the development of a bullish reversal pattern called inverted head and shoulder, indicating the memecoin is poised for further growth. 
<h2 id="b-new-bullish-pattern-sets-bonk-rally-to-0-00002-b">New Bullish Pattern Sets BONK Rally to $0.00002</h2> 
<ul> 
 <li style="font-weight: 400;" aria-level="1">The formation of an inverted H&amp;S pattern indicates an early sign of trend reversal</li> 
 <li style="font-weight: 400;" aria-level="1">A bullish crossover between 50 and 200 EMA should accelerate buyers’ internet in the BONK token</li> 
 <li style="font-weight: 400;" aria-level="1">The intraday trading volume in Bonk is $289.39 Million, indicating an 11% loss.</li> 
</ul> 
<figure style="width: 100%" class="wp-caption alignnone">
 <img decoding="async" src="https://s3.tradingview.com/snapshots/q/QHkSj4MK.png" alt="Bonk Price Prediction" width="1946" height="893">
 <figcaption class="wp-caption-text">
 Bonk Price Prediction| TradingView Chart
 </figcaption>
</figure> 
Despite the recent approval of Spot Bitcoin ETFs, the <a href="https://coingape.com/price/bitcoin/">Bitcoin price</a> has underperformed, casting a shadow of uncertainty over the cryptocurrency market. This sentiment has prompted a correction across major cryptocurrencies, including BONK, which experienced a significant drop to $0.000013. 
<blockquote>
 Nonetheless, an analysis of the 4-hour chart reveals that this downturn has facilitated the formation of a bullish reversal pattern, known as the inverted head and shoulders. Thus, the <a href="https://coingape.com/price/bonk/">BONK price</a> demonstrated resilience above the $0.000013 support and recovered the memecoin 11%, to currently trading $0.0000145.
</blockquote> 
This chart pattern suggests that buyers could drive the price up by an additional 22%, aiming to reach the neckline resistance at $0.0000177. A successful bullish breakout above this level would provide a stronger indication of a trend reversal, potentially positioning BONK to pursue a further target of $0.0000257. 
<h2 id="b-why-bonk-is-at-risk-of-a-30-drop-b">Why Bonk Is At Risk of a 30% Drop?</h2> 
The recent correction in BONK’s price found solid ground at a confluence of support—the $0.000013 mark and the 50% Fibonacci retracement level. Such a level of retracement is often viewed as a healthy consolidation in the context of a longer-term uptrend, marking a pivotal zone where buyers need to assert their control to sustain the asset’s bullish momentum. 
However, if BONK fails to maintain its current recovery trajectory, a breach below the $0.000013 support level could intensify selling pressure. This potential breakdown might lead to a significant 30% decline in the value of the memecoin, potentially bringing its price down to $0.00001. 
<ul> 
 <li aria-level="1">Exponential Moving Average: The BONK price jump above crucial <a href="https://coingape.com/education/exponential-moving-average-how-to-leverage-it-in-crypto-market/">EMAs</a>(20, 50, 100-and-200) indicates the short-term trend is turning bullish.</li> 
 <li aria-level="1">Average Directional Index: A falling ADX slope project the buyers try to recover exhausted bullish momentum in occasional pullbacks.</li> 
</ul> 
<h3 id="related-articles">Related Articles</h3> 
<ul> 
 <li><a href="https://coingape.com/bonk-introduces-pooperscooper-to-streamline-asset-management/">BONK Introduces PooperScooper to Streamline Asset Management</a></li> 
 <li><a href="https://coingape.com/markets/bonk-price-prediction-as-pattern-hints-end-correction-0-000025/">Bonk Price Prediction As Chart Pattern Hints End of Correction, Is $0.000025 Within Reach?</a></li> 
 <li><a href="https://coingape.com/michael-saylor-delivers-crucial-warning-to-bitcoin-community/">Michael Saylor Delivers Crucial Warning Amid Spot Bitcoin ETF Debut</a></li> 
</ul> 
The post <a href="https://coingape.com/markets/bonk-price-prediction-as-buying-interest-develops-bullish-pattern/">Bonk Price Prediction As Renewed Buying Interest Develops into Bullish Pattern</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Bonk Price Prediction As Renewed Buying Interest Develops into Bullish Pattern

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