Convergence

Bonk

Divergence

<p class="is-style-lead">Bonk (BONK) has been making waves with a 26.42% surge in the past week, capturing the attention of traders and analysts alike. As key technical indicators flash bullish signals, could BONK be on the verge of an explosive breakout? With the price nearing critical resistance levels and a bullish harmonic pattern emerging, the stage is set for a potential major move.</p> 
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  <source type="image/webp" srcset="https://crypto.news/app/uploads/2024/06/Bonk-1-1.png.webp"> 
  <img loading="lazy" decoding="async" width="2854" height="1452" src="https://crypto.news/app/uploads/2024/06/Bonk-1-1.png" alt="Chart of the Week: Is BONK about to skyrocket? - 27"> 
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</figure> 
<div class="wp-block-rank-math-toc-block" id="rank-math-toc">
 <h2 id="table-of-contents">Table of Contents</h2>
 <nav>
  <ul>
   <li><a href="#technical-indicators" rel="">Technical Indicators</a></li>
   <li><a href="#moving-average-convergence-divergence-macd" rel="">Moving Average Convergence Divergence (MACD)</a></li>
   <li><a href="#relative-strength-index-rsi" rel="">Relative Strength Index (RSI)</a></li>
   <li><a href="#harmonic-pattern-deep-crab" rel="">Harmonic Pattern: Deep Crab</a></li>
   <li><a href="#fibonacci-analysis" rel="">Fibonacci Analysis</a></li>
   <li><a href="#strategy" rel="">Strategy</a></li>
   <li><a href="#profit-targets" rel="">Profit Targets</a></li>
   <li><a href="#final-notes" rel="">Final Notes</a></li>
  </ul>
 </nav>
</div> 
<h2 class="wp-block-heading" id="technical-indicators">Technical Indicators</h2> 
<h3 class="wp-block-heading" id="resistance-and-support-levels">Resistance and Support Levels</h3> 
<ul> 
 <li><strong>Current resistance</strong>: $0.00002</li> 
 <li><strong>Next resistance</strong>: $0.000025</li> 
 <li><strong>Support level</strong>: $0.00002 – $0.000021</li> 
</ul> 
<figure class="wp-block-image size-full">
 <picture loading="lazy" decoding="async" class="wp-image-14281973"> 
  <source type="image/webp" srcset="https://crypto.news/app/uploads/2024/06/BONK-2-1.png.webp"> 
  <img loading="lazy" decoding="async" width="2166" height="1452" src="https://crypto.news/app/uploads/2024/06/BONK-2-1.png" alt="Chart of the Week: Is BONK about to skyrocket? - 28"> 
 </picture> 
</figure> 
<h2 class="wp-block-heading" id="moving-average-convergence-divergence-macd">Moving Average Convergence Divergence (MACD)</h2> 
<p>The MACD indicator has turned bullish. This occurs when the MACD line crosses above the signal line, indicating a potential upward momentum in the price.</p> 
<figure class="wp-block-image size-full">
 <picture loading="lazy" decoding="async" class="wp-image-14281975"> 
  <source type="image/webp" srcset="https://crypto.news/app/uploads/2024/06/BONK-3.png.webp"> 
  <img loading="lazy" decoding="async" width="2166" height="1452" src="https://crypto.news/app/uploads/2024/06/BONK-3.png" alt="Chart of the Week: Is BONK about to skyrocket? - 29"> 
 </picture> 
</figure> 
<h2 class="wp-block-heading" id="relative-strength-index-rsi">Relative Strength Index (RSI)</h2> 
<p>The RSI has broken through the downward trendline and is currently at 44, indicating a shift toward bullish momentum. Historically, this level has acted as resistance, and breaking above it suggests further gains.</p> 
<figure class="wp-block-image size-full">
 <picture loading="lazy" decoding="async" class="wp-image-14281976"> 
  <source type="image/webp" srcset="https://crypto.news/app/uploads/2024/06/BONK-4.png.webp"> 
  <img loading="lazy" decoding="async" width="2166" height="1452" src="https://crypto.news/app/uploads/2024/06/BONK-4.png" alt="Chart of the Week: Is BONK about to skyrocket? - 30"> 
 </picture> 
</figure> 
<h2 class="wp-block-heading" id="harmonic-pattern-deep-crab">Harmonic Pattern: Deep Crab</h2> 
<p>The chart shows a Deep Crab harmonic pattern, typically signaling a bullish price movement. The price has reached the first profit target at the 23.6% Fibonacci retracement level of $0.000024343 but has not yet closed above it.</p> 
<figure class="wp-block-image size-full">
 <picture loading="lazy" decoding="async" class="wp-image-14281979"> 
  <source type="image/webp" srcset="https://crypto.news/app/uploads/2024/06/BONK-5.png.webp"> 
  <img loading="lazy" decoding="async" width="2166" height="1452" src="https://crypto.news/app/uploads/2024/06/BONK-5.png" alt="Chart of the Week: Is BONK about to skyrocket? - 31"> 
 </picture> 
</figure> 
<h2 class="wp-block-heading" id="fibonacci-analysis">Fibonacci Analysis</h2> 
<p>The Fibonacci retracement from the low on April 13 to the high on May 28 identifies a golden pocket between $0.0000236245 and $0.0000246596. This aligns with the 23.6% retracement from both the June 24 low to the June 28 high and the May 28 high to the June 24 low. The confluence suggests a critical level for BONK to break through.</p> 
<figure class="wp-block-image size-full">
 <img loading="lazy" decoding="async" width="2166" height="1452" src="https://crypto.news/app/uploads/2024/06/BONK-6.png" alt="Chart of the Week: Is BONK about to skyrocket? - 32" class="wp-image-14281980">
</figure> 
<h2 class="wp-block-heading" id="strategy">Strategy</h2> 
<p>Given the current analysis, a cautious approach is recommended:</p> 
<ul> 
 <li><strong>Entry Point</strong>: Wait for a confirmed breakout above $0.000025 before entering a long position.</li> 
 <li><strong>Alternative Entry</strong>: Consider entering between $0.00002 and $0.000021 if the price fails to break through $0.000025 and retraces back.</li> 
</ul> 
<h2 class="wp-block-heading" id="profit-targets">Profit Targets</h2> 
<p>If BONK breaks out and closes above the psychological price point of $0.000025, the profit targets are:</p> 
<ul> 
 <li><strong>First profit target</strong>: $0.000026</li> 
 <li><strong>Second profit target</strong>: $0.000028</li> 
 <li><strong>Third profit target:</strong> $0.00003</li> 
</ul> 
<p>Each level must be confirmed with a candle closing above it to validate the next target.</p> 
<h2 class="wp-block-heading" id="final-notes">Final Notes</h2> 
<p>It’s important to remain vigilant as meme coins like BONK are highly volatile and may not always adhere to logic or technical analysis. Adjust positions accordingly based on market movements.</p> 
<p> Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only. </p>

Chart of the Week: Is BONK about to skyrocket?

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