Follow a Prices rise to new highs In the past few months, the comic-themed meme coin Bonk (BONK) has since emerged decreased It is now being consolidated. One cryptocurrency analyst noted that Bonk is going through a wave 3 corrective move down, indicating that the meme coin could break out to the downside and… Prepare for a new all-time high (ATH).
The Bonk price is set at $0.00006
the Elliot wave theory It is a technical analysis of patterns that helps predict cryptocurrency price movements or the general course of the market. The Bonk price chart shared by prominent cryptocurrency analyst Bluntz is labeled with Elliott Wave theory patterns from waves one to five. This five-wave structure indicates a potential move higher towards Bonk’s new ATHs.
Plantz was revealed at X (formerly Twitter) mail That the Bunk Bank has rebounded 46.09% from its previous highs, indicating the completion of the corrective wave C of the Elliott Wave Theory. The three-wave correction structure in the Bonk price chart indicates an expected decline phase during market cycles
The analyst interpreted this decrease in prices as: A healthy correction within an uptrend For your love. While Bonk’s price is currently trading at $0.000038, its chart indicates the possibility of resuming its previous upward momentum to reach new ATHs of $0.00006.
Plantz suggested this Bonk’s current price decline It could present a rare buying opportunity for investors, implying confidence in the bullish outlook for the memecoin. The analyst expects that by the fifth wave, which may be around 2025 Bonk’s price has risen dramaticallywhich pushed its price towards the expected ATH.
the Relative Strength Index (RSI) The indicator at the bottom of the chart also shows a reading near 45, indicating that Bonk may soon enter the oversold zone. Hence, the theory of potential price retracement is supported.
The analyst predicts that the Bonk price will erase zero
And also in the participation of A Bank rate prediction Based on Elliott Wave Theory, said cryptocurrency analyst Sensei comparison Bonk price action on Bitcoin’s historical wave structure. The analyst revealed that Bonk was in an accumulation phase during the past year, where he was The price showed relative stability.
However, the meme coin saw a serious upward movement after the breakout of the first wave of the Elliott wave cycle. In the second wave, as seen in the price chart, the analyst highlights a pullback in which the Bonk price strengthens and the “weak hands” leave the market.
As expected, Sensei predicted that a third wave might do so Push Bonk to a new ATHThis wave is often seen as the strongest. During wave 4, Bonk is expected to face a slight correction again before rising above $0.0001, removing zero from its current price and forming a new ATH in wave 5.
Sensei has drawn parallels between Punk’s wave structure and… Bitcoin historical wave patternshighlighting that similarities between wave motions may strengthen Bonk’s argument for arriving at a new ATH.
Featured image from The Daily Dot, chart from TradingView