Given funding rates becoming bullish, is BONK Gearing Up for a Breakout?

Recent months have seen notable volatility in the bitcoin market as meme currencies like BONK see major price fluctuations. Following an amazing comeback in late 2024, BONK has had a significant downturn.

Right now trading at $0.00001316 and slightly down 0.28% over the previous 24 hours. With a breakthrough surge, could the BONK price manage to hit $0.000019?

November–December 2024 witnessed a strong rise in Bonk, which peaked at around $0.00005380. The price entered a corrective phase after this high and plummeted more than 75%.

Recent price activity shows that at the $0.00000942 support level BONK has produced a double bottom pattern. The BONK price has started to recover after twice hitting this support level in March and early April.

BONK got support around $0.00000942 and has subsequently surged about 32%. As long as it trades below $0.00001989, the trend will continue negative, nevertheless.

Originally reaching its lowest, the BONK price has reversed and is currently approaching the 0.236 Fib level, the first major barrier on a new uptrend. Should this level be compromised, it might set off further recovery into the 0.382 Fib level, the next resistance region.

Should a breakthrough strike, $0.00001743 would be the first target right away. Then the important Fib level of 0.236 at $0.00001989. A clear break above this level would signal the reversal of the trend and may move the BONK price to the 0.382 Fib level.

On the negative hand, the pricing study cautions that neglecting $0.00001200 might set off selling pressure. This might push the price—to test the low—$0.00000942.

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