BONK GUY predicts BONK will “speedrun” to a new ATH, citing historical 90% corrections and bullish trends

BONK, the popular meme token, has seen a significant price increase in recent days. Starting at $0.000012 on April 22, the price of BONk's rose to $0.00001596 by April 25

Key Insights:

• One analyst predicts that BONK could “speedrun” its all-time high (ATH) following a 90% correction, a pattern observed in the past. This prediction is based on the analyst's observations of deep pullbacks being common for meme coins.

• Another analyst, Rose Premium Signals, has identified a broadening wedge pattern on the daily chart, which is now being broken on the upside. This breakout follows a period of ranging price action, suggesting strong bullish momentum.

• As the price breaks above the 100-day moving average (MA), it could target higher levels, with price targets ranging from $0.00001950 to $0.00003700.

Earlier this year, the price of Bonk was on a downward trajectory, and it reached a low of $0.14 by late January. However, this level eventually turned into support, signaling a potential reversal in the market trend.

In March and April, the price of Bonk formed a double-bottom pattern, which is a technical analysis pattern that can indicate a bullish shift in the market. This pattern is formed when the price reaches a low twice, then bounces back up.

Recently, the price of Bonk broke through the resistance level of $0.14, which is indicating that the market sentiment is becoming more bullish, and the price is pushing higher. This breakout is seen as a significant bullish signal, suggesting further potential price gains in the coming weeks.

The current chart analysis indicates that the next target for Bonk is $0.2411, which represents a 52.71% upside from the current price. This aligns with the idea that Bonk may continue to experience upward momentum in the coming weeks, especially if the token manages to maintain its current support levels and breaks through additional resistance points.

Another noteworthy indicator of Bonk’s rising popularity is the surge in open interest for its futures contracts. Open interest represents the total value of outstanding contracts, both long and short, and can provide insights into market sentiment.

The current open interest for Bonk futures stands at $158.8 million, a substantial amount that reflects growing market participation. Notably, this figure has increased by 4.89% in the last 24 hours, signaling heightened investor interest and engagement in the token’s futures market.

Rising open interest often signals stronger conviction among traders. In Bonk’s case, it suggests more traders are betting on continued price increases.

The surge in futures activity, combined with bullish technical patterns, supports the view that Bonk’s rally could extend further. Analysts believe Bonk may not only retest previous highs but also set new records if momentum holds.

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.