Key Takeaways
- BONK completed wave (iv) at key Fibonacci support.
- Breakout from falling wedge confirms bullish reversal.
- Wave (v) targets lie near $0.000022–0.000026.
BONK recently completed a corrective move following a sharp rally and is now attempting a breakout.
The current market structure on higher and lower time frames suggests that wave (iv) has bottomed and a new bullish wave (v) may start.
We assess BONK’s potential trajectory in the coming days, as more upside could be ahead.
BONK Price Analysis
The 4H chart displays a clear impulsive structure since its long-lasting correction ended on April 7.
The corrective structure followed a W-X-Y-Z triple-three complex correction to a low of $0.0000089, forming a solid foundation for the bullish reversal.
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Since then, we saw an increase of 142% to a high of $0.000021 on April 28.
BONK formed an impulsive i-ii-iii-iv-v structure, with wave (iii) peaking sharply before correcting.
The correction from there formed a textbook wave (iv) retracing to the 0.382 Fibonacci level near $0.000016.
This aligns with typical wave four behavior and provides a strong support base.
The Relative Strength Index (RSI) touched oversold conditions at the wave (iv) low, printing a hidden bullish divergence, which signals a likely continuation upward.
BONK is now reclaiming previous demand zones marked by horizontal resistance clusters.
The red zone around $0.00001700 is being tested as support again, flipping from previous resistance.
The next resistance lies near the 0.236 extension level at $0.00001860 and the previous high at $0.00002156.
BONK Price Prediction
On the 1H chart, wave (iv) unfolded as a clean (a)-(b)-(c) zigzag correction, now completed with a breakout above the descending resistance trendline.
Wave (c) ended with strong bullish divergence on the RSI, and volume surged on the breakout, confirming bullish intent.
This marks the likely start of wave (v), with early momentum pushing the price higher.
Wave (v) could target the 0.5 and 0.786 Fibonacci extensions, aligning with the range between $0.00002200 and $0.00002600.
These targets also coincide with historical resistance zones and measured moves based on wave (iii)’s length. Short-term resistance is $0.00001860; flipping it would confirm wave (v) acceleration.
A successful retest of the $0.00001700 area as support would validate the breakout.
The overall pattern favors a bullish continuation, and if the macro trend aligns with broader market sentiment, BONK could outperform its previous high.
However, failure to maintain above $0.00001676 could invalidate this scenario and lead to deeper retracement toward $0.00001528.
Key Levels to Watch
- Support: $0.00001676 (0.382 Fib), $0.00001528 (0.5 Fib), $0.00001379 (0.618 Fib).
- Resistance: $0.00001860 (0.236 Fib), $0.00002156 (local high), $0.00002200–0.00002600 (wave v targets).
- Breakout Confirmation: Sustained move above $0.00001860 with increasing volume.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
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