, one of the most traded cryptocurrencies in the crypto space, has been stuck in a narrow consolidation range for weeks, leaving traders wondering if a breakout is imminent. As the broader altcoin market attempts to recover from recent corrections, the daily chart of $BONK indicates an emerging shift in momentum. With clear Fibonacci levels, a recovering Relative Strength Index, and visible new buying pressure in recent candles, traders now have reasons to closely monitor the price of BONK. In this analysis, we will examine the latest chart patterns, price levels, and calculations to determine whether the price of BONK is ready for the next big move.
BONK Price Forecast: Is #BONK preparing for a breakout?
BONK/USD Daily Chart
The daily chart of the #BONKUSDT pair shows a slight but promising shift from a consolidation phase to what could become a new bullish trend. Looking at the Heikin Ashi candles, we can see that BONK has been moving sideways for weeks after its drop in May. However, the recent green candles with longer bodies indicate a gradual return of buying pressure.
What does the Fibonacci level tell us?
The Fibonacci retracement levels shown on this chart are important. The price of $BONK is currently hovering near the 0.382 retracement level at approximately 0.0000145 USD. This level often acts as a turning point - a critical close above it could push BONK toward the next Fibonacci range near the 0.236 level at around 0.0000175 USD. This would represent an increase of about 20% from the current price.
For example:
Upside Potential = (0.0000175 - 0.0000145) ÷ 0.0000145 ≈ 20.7% profit.
Does the Relative Strength Index support a price bounce?
The Relative Strength Index (14) is now at 47.54, approaching the neutral level of 50. This indicates that the price of #BONK is neither overbought nor oversold. A breakthrough of the 50 level indicates increasing bullish momentum. It is worth noting that the Relative Strength Index has risen from the oversold area near the 30 level a few weeks ago, indicating a loss of control by sellers.
If the price of BONK breaks above the 0.0000145 and 0.0000175 USD levels and stays above them, the next logical target is the round level near 0.0000200 USD, which aligns with psychological resistance. On the downside, if BONK fails to maintain the 0.382 level, it could return to the lower Fibonacci range near 0.0000120 USD, representing a decline of about 17% from current levels.
How should traders approach BONK now?
The price of BONK is at a technical crossroads. Short-term traders should look for a daily close above the 0.0000145 USD level with increasing trading volume. This could confirm a breakout toward 0.0000175-0.0000200 USD. However, if the breakout fails, tight stop-loss orders near 0.0000135 USD may protect against a deeper decline.
BONK Price Forecast: Is a Bounce Imminent?
The chart structure, pivot levels, and Relative Strength Index (RSI) indicate a potential breakout - but buyers must reclaim a Fibonacci pivot level to gain momentum. Watch the upcoming daily closes: if BONK breaks the sideways volatility barrier, this distinctive coin could achieve a surprising 20%-30% rise in the short term. #StrategyBTCPurchase #NODEBinanceTGE #USCorePCEMay