BONK has finally shown signs of life after spending months stuck in a downtrend. Yesterday, BONK price broke out of a descending channel pattern, and that move has already given traders something to get excited about. In the last 24 hours alone, BONK has surged more than 10%.
This breakout comes at a time when Bitcoin itself is starting to look stronger and might be gearing up for a new all-time high. That positive momentum in Bitcoin is also lifting sentiment across the entire meme coin space, including BONK.
Many traders think this breakout could be the start of a mid-term rally for BONK price. The excitement is spreading fast because it looks like BONK has shaken off the bearish trend that kept it down for so long. If Bitcoin continues to climb, it will likely support BONK’s bullish momentum, helping it aim for higher price levels.
Analyst World Of Charts Confirms BONK Breakout and Retest
According to popular analyst World Of Charts, BONK has already completed its breakout and retest successfully. In a tweet, World Of Charts shared, “$Bonk #Bonk Breakout & Retest Has Already Confirmed, Expecting Solid Recovery In Coming Days.” This statement shows he is confident that the breakout is real and that BONK could see more gains soon.
@WorldOfCharts1 / X
The chart shared by World Of Charts makes this even clearer. It shows BONK price falling in a descending channel for several weeks. Each time BONK hit the top of the channel, it dropped back down. But yesterday, BONK finally broke above the upper resistance line of the channel.
After the breakout, BONK came back down to test that old resistance line, which is now acting as a support level. The price held firm at that support, confirming what traders call a successful retest.
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This pattern gives a strong signal that BONK price could move much higher in the coming days. A confirmed breakout and retest like this often sets the stage for a solid recovery or even a big rally. If momentum keeps building, BONK could aim for levels last seen before the big sell-off started earlier this year.
BONK’s ability to stay above this new support will be key. If buyers keep stepping in, BONK price could easily target higher levels in the near future, especially if Bitcoin’s bullish trend continues.
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The post Here’s Why BONK Price Is Up Today appeared first on CaptainAltcoin.
