Following a the price rose to a new high a few months ago, a doggy-themed meme coin (BONK) was launched he refused and now includes. A crypto analyst has noted that Bonk is facing a Wave 3 correction reversal, suggesting that the meme coin is likely to cross the trend low again preparing for a new All-Time High (ATH)..
Bonk Price Set at $0.00006 ATH
I Elliott Wave Theory technical analysis of patterns that help predict cryptocurrency price movements or the general trajectory of the market. The Bonk price chart shared by famous crypto analyst Bluntz is labeled with Elliott Wave theory patterns from waves one to five. This five-wave structure indicates a possible upward move to new Bonk ATHs.
Bluntz was featured on X (formerly Twitter) posted that Bonk retook 46.09% of its previous high, marking the completion of the corrective Wave C of the Elliott wave theory. The three-wave correction structure on the Bonk price chart suggests a reversal phase, which is expected during market cycles.
The analyst interpreted this price drop as a healthy correction within a bullish trend by Bonk. Although Bonk price is currently trading at $0.000038, its chart shows a possible resumption of its previous upward momentum to reach new ATHs at $0.00006.
Bluntz suggested that The lowest price of Bonk’s shares it can present a rare buying opportunity for investors, showing confidence in the idea of ​​meme money. For the fifth wave, which may be around 2025, the analyst expects Bonk’s price will risepushing its price to the proposed ATH.
I Relative Strength Index (RSI) the indicator below the chart is again showing a reading near 45, indicating that Bonk could soon enter oversold territory. Thus, the potential pricing theory is supported.
Analyst Predicts Bonk Price Will Clear Zero
Also, in sharing a Bonk price prediction based on Elliott Wave theory, crypto analyst Sensei has it compared Bonk price action to Bitcoin wave history structure. The analyst pointed out that Bonk was in the fundraising phase last year, where he is the price showed relative stability.
However, the meme coin had a huge surge to the upside after breaking out of the first wave of the Elliott wave cycle. In the second wave, as seen on the price chart, the analyst highlights a reversal when the Bonk price consolidates and “weak hands” leave the market.
As expected, Sensei predicted that Wave 3 could push Bonk to new ATHas this wave is often seen as very strong. During Wave 4, Bonk is expected to face another minor correction before rising above $0.0001, removing zero from its current value and marking a new ATH in Wave 5.
Sensei drew parallels between Bonk’s wave structure and Bitcoin historical wave patternshighlighting that the similarity of the wave movements may strengthen Bonk’s case for reaching a new ATH.
Featured image from Daily Dot, chart from TradingView
Source link