The price movement of BONK has fluctuated repeatedly in May and has essentially returned to the levels at the beginning of the month. Recent price movements indicate that after being blocked at a local high near $0.00002581, the token is attempting to stabilize near the 200 EMA.
This pullback has caused the price to fall back to $0.00001820. However, according to technical analysis on the TradingView platform, this pullback seems to be forming a bullish continuation pattern, with a potential 77% corrective move rather than indicating a bearish reversal.
The bullish market structure of BONK remains solid.
The price drop of BONK has brought it directly into a technically significant zone. The core of this convergence is the 200-day moving average within the 4-hour time frame, which may become the next support area for this meme coin's future trend from a technical perspective. Additionally, the retracement level aligns with the 0.618 Fibonacci level, which is often associated with bullish corrections. It also coincides with the daily support area around $0.00001832 to $0.00001841 and the resistance area around $0.00002034.
Interestingly, since May 15, this trend has led to consolidation between these levels. According to TradingView analysts, the price structure indicates that buyers are stepping in to defend this trend. This, in turn, has led to the formation of higher lows.
In terms of volume, since the first week of April, each increase has shown an increase in volume. However, the recent decline has been accompanied by a decrease in volume, suggesting that sellers are exhausted.
If BONK breaks through the resistance level, it could rise by 77%.
Even within the current range, BONK remains in a bullish pattern that could push it towards new highs in 2025, potentially reaching the current all-time high. An important level to watch is the Point of Control (POC) resistance level, approximately $0.00001955. This level was previously a pivot point before the pullback and now serves as a threshold for the continuation of the bullish trend.
If the closing price confirms above this area, it may trigger a rapid expansion, approaching the next resistance level of $0.00002581, ultimately reaching the forecasted target price of $0.00003243, close to the opening price of $0.000035 in January 2025. Therefore, if this target price is achieved, a price increase of 77% is expected. This target price also aligns with the swing highs on January 15 and January 18.
As of the time of writing, BONK is trading at $0.00001995, having risen by 1.6% in the past 24 hours. A pullback above the POC resistance level will be a crucial determining factor. If buyers can maintain pressure and ultimately achieve a decisive breakout, a strong rebound may be on the horizon, breaking above the resistance level and retesting BONK's volatility highs in 2025.
