The BONK price has shown a remarkable structure between bulls and bears on the daily chart. The Price was in bullish favor earlier, as it journeyed from $0.00001000 after a plenty consolidation and reached a peak of $0.00004750, where the candle gave closing at $0.00003800 by March 4th, 2024.
After that, by March 5th, 2024, the price ended up in a wedge and developed a lower low structure and developed support at $0.00001250 by April 13th, 2024, where the candle gave a closing at $0.00001380, which became new support.
Unfolding, BONK Price Structure on the Daily Chart
From this very new support of around $0.00001380 on the chart, the crypto has revealed a trait of resurgence, and the price spiked upwards on 20th April 2024, which represented a breakout in a bullish pattern known as a falling wedge pattern.
It’s evident on the chart that the falling wedge pattern breakout peaked at $0.00002950. By April 25th, 2024, it started consolidating in range and ended up in an ascending triangle pattern. This pattern works as a continuation pattern of the trend as it gears up to crack the resistance level and rocket to new peaks from the current support zone. It could throw a new spike in the coming sessions for higher levels.
The BONK asset showed bullish signs and displayed the potential to grow further; its market capitalization is 1.48 Billion, and its 24-hour trading volume was 238.65 million.
BONK Price Forecast
At press time, the BONK crypto has experienced a surge of 0.70% in the last 24 hours, trading at $0.00002303.
Therefore, if buyers’ demand increases in the BONK asset price, it could bounce back from the current level, and a breakout could be achieved. The next target for the price could be to reach $0.00002950 and $0.00003400.
However, if the BONK crypto price fails to stay above the $0.00001950 level, it could decline further toward lower key support levels.
BONK Instability Signifies A Significant Outline
This chart illustrates the difference between BONK cryptocurrency’s volatility and price movements. Upon analysis, it is evident that the BONK cryptocurrency experienced significant growth in preceding sessions around March 4th, 2024.
However, later on, the chart’s price revealed that it could not surpass the supply level, resulting in a considerable drop and a decrease in volatility.
The chart shows that the volatility has decreased, and the BONK cryptocurrency’s price is close to the support level, indicating stability in the price fluctuations.
Summary
The BONK price has shown a remarkable structure between bulls and bears on the daily chart. The falling wedge pattern breakout peaked at $0.00002950. From this new support of around $0.00001380, the crypto has revealed a trait of resurgence, and the price spiked upwards on 20th April 2024.
The BONK asset is showing bullish signs and displays that it has the potential to grow further. At press time, the BONK crypto has experienced a surge of 0.70% in the last 24 hours, trading at $0.00002303. If buyers’ demand increases in the BONK asset price, it could bounce back from the current level, and a breakout could be achieved.
Disclaimer
In this article, the views and opinions stated by the author or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
