Decoding BONK Price Chart & Its Forecast

Jul 16

The daily chart presents that BONK is trading in a parallel upward channel. The derivatives are high, and the optimistic analysts on X suggest a much higher possibility of BONK Resurging in coming sessions. (DYOR).

Previously, on the daily chart, the BONK had two major swing highs or peaks; from that peak (BONK/USD: COINBASE), it declined from supply to around $0.0004201. It looks like a double-top pattern, and it wasn’t completed. Instead of falling, it showed a bullish presence with lil-bounces from the wedge's lower boundary.

Therefore, if the BONK price surpasses $0.00002960, then it bounces for the wedge upper boundary (DYOR). Thus, in the course, the interruptions could stand near $0.00003601.

However, facing a decline from $0.00002960 could lead toward the lower wedge boundary, and breaking beyond would lead toward the major demand zone at $0.00001251. So, investors should stay cautious and do their own research.

Indicators show a surge above 50-day and 200-day EMA's. MACD shows a growing histogram at 0.00000053, and RSI flashes at 57.35, signifying a bullish possibility.