- The BONK market structure on the 1-day chart was firmly bullish.
- The momentum and volume indicators were not aligned but this might not prevent new ATHs.
Bonk [BONK] noted record Open Interest as it neared its all-time high toward the end of May.
However, since then the memecoin faced a price correction and fell toward the former range formation’s highs.
This correction lasted six days and saw a 30.15% drop. In the past two days, BONK has begun its recovery. What is the BONK price prediction for June and beyond?
The bullish market structure meant there was only one way forward
Source: BONK/USDT on TradingView
The late February-early March rally saw BONK reach its ATH at $0.0000477. Over the six weeks, it retraced almost all of those gains, nearly falling back to the 100% retracement level.
The range formation (purple) gave the bulls time to recover and gather strength for the next push.
The RSI on the daily chart was above neutral 50. The CMF was at -0.01. Together, they showed strong bullish momentum but a lack of significant capital inflows recently.
The breakout above the range, whose highs were at the 50% Fibonacci retracement level, was an encouraging sight for the bulls.
The BONK price prediction is bullish due to the retracement, consolidation, and breakout that took place over the past three months.
It is highly likely that BONK would soon set new ATHs. The Fibonacci extension levels showed $0.000056 and $0.00007 were the next targets.
Will the magnetic zone pull BONK earthward?
Source: Hyblock
There was a huge cluster of long liquidation levels below $0.00003. It extended to $0.00026 and could pull prices toward it.
Read Bonk’s [BONK] Price Prediction 2024-25
However, it is not a guarantee that every large liquidity pool will be swept before the next move.
Traders could utilize such a drop as a buying opportunity, but trying to go short anticipating a fall does not appear feasible based on the evidence at hand.
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
