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With meme coins crowding the top performers’ spot, will $BONK hit the $0.000041 mark this October?
As the crypto market is poised for a bull run, meme coins are back in the game. Spearheading the bull market, trending meme coins like $BONK showcase massive upside potential.
Breaking above crucial resistance levels amid bullish patterns, $BONK teases a bull run to $0.000041.
$BONK Breakout Rally
In the daily chart, the $BONK price action reveals a trend-reversal rally resulting in a breakout event. With a bullish reversal from $0.000001567, the meme coin is back in action.
Following last night’s 8.59% jump, an engulfing candle marks a breakout event. The meme coin surpasses a long-coming resistance strain line of a falling channel pattern.
Over the past seven days, the double-bottom reversal has resulted in a 25% surge in Bonk from $0.000001917 to the current market price of $0.000002395. Furthermore, the bullish reversal from $0.000001567 forms a rising wedge pattern.
Within the rising wedge, Bonk shows a double-bottom at $0.000001984. Despite the neckline breakout at $0.00002404 $BONK struggles to surpass the overhead trend line near the 50% Fibonacci level at $0.000002538.
On the technical side, the MACD and signal lines give a bullish crossover, teasing an uptrend.
Where’s $BONK Price Headed?
The bull run may likely continue with the buyers anticipating a bullish post-retest reversal near the 50% Fibonacci level at $0.0000025. Optimistically, the rising wedge breakout rally is expected to reach the peak of the falling channel at $0.00004109.
Supporting a bullish trend, analyst ASTEKZ shared a post about a trendline breakout rally gaining momentum in $BONK. Based on the price chart shared by ASTEKZ, the next price targets are $0.0000035, $0.0000048, and $0.0000070.
On the contrary, an intraday pullback of 1.07% and a higher price rejection in the meme coin warn of a negative cycle within the rising wedge. Nevertheless, the negative cycle will likely come as a potential retest of the broader falling-channel-pattern breakout.