$BONK
🚨 Bonk price technical analysis 🚨
The four-hour chart shows that Bonk peaked at $0.00002577 this month before forming a double-top pattern. The token then dropped to a low of $0.00001815, which coincided with an ascending trendline connecting the lowest swings since April 7.
Bonk has since formed a bearish pennant pattern, made up of a sharp downward move followed by a symmetrical triangle. The two trendlines of this pattern are nearing a confluence, which could lead to a bearish breakdown.
The initial target for this move is $0.00001815, the lowest swing this month. A break below that level would likely point to further downside, potentially toward the 50% Fibonacci retracement level at $0.00001730.
