Connect with us
Active Currencies 14820
Market Cap $2,364,305,966,869.80
Bitcoin Share 51.15%
24h Market Cap Change $-4.13

BONK’s next move: Price prediction indicates a 40% hike

2min Read

It is highly likely that BONK would soon set new ATHs.

BONK price prediction: Retracement, consolidation, and breakout promise new ATHs

Share this article

  • 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

BONK 1-Day TradingView

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?

BONK Liquidation Heatmap

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.

Share

Akashnath Sumukar works as a Senior Journalist at AMBCrypto. Based in Chennai, India, he has been an avid follower of the cryptocurrency market since Bitcoin’s boom and bust cycle of 2017. A graduate in Chemical Engineering, he is an expert in technical analysis. In fact, Akashnath has a particular interest in reading price charts and predicting how an asset will move over the short and long term. A self-taught trader and as someone who holds cryptos himself, he is always on the lookout for the next opportunity he can possibly capitalize on, while also educating his audience.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.