|

Here’s why Bonk Inu price could lead the meme coin pack with 30% rally

  • Bonk Inu price has formed the rare Adam and Eve pattern, suggesting a trend reversal. 
  • The recent breakout and retest of the $0.000012397 level suggests that the rally is around the corner.
  • A twelve-hour candlestick close below $0.000011747 will invalidate the bullish bias for BONK.

Bonk Inu (BONK) price seems to be primed for a quick move to the upside as it breached a three-week consolidation pattern. If the outlook remains bullish in the markets, BONK holders are in for a treat. 

Also read: Dogecoin price eyes double digit gains as DOGE bulls make a comeback

Bonk Inu price triggers breakout rally

Bonk Inu price consolidation for the last three weeks has resulted in the formation of the Adam and Eve pattern. 

The Adam and Eve chart pattern represents a distinctive formation that indicates potential trend reversals in the market. It is characterized by a sharp, V-shaped 'Adam' peak followed by a more gradual, rounded 'Eve' trough.

This technical formation forecasts a 20% upswing to $0.000014908, obtained by measuring the depth of the rounded bottom trough known as Eve and adding to the breakout point at $0.000012397. 

On February 10, Bonk Inu price breached the horizontal resistance level at $0.000012397 and is currently retesting it in a bid to confirm a flip of the aforementioned level. Going forward, investors can still expect a 20% move from BONK in the coming days. 

Ideally, the Bonk Inu price rally could extend higher and retest the daily resistance level at $0.000016177, bringing the total gain from 20% to 30%

Both the Relative Strength Index and the Awesome Oscillator are in a favorable position to help propel BONK higher.

Read more: BONK price crash leads to half a million Dollars in liquidations

BONK/USDT 12-hour chart

BONK/USDT 12-hour chart

On the other hand, if Bonk Inu price produces a twelve-hour candlestick close below $0.000011747, it will invalidate the bullish for BONK by setting up a lower low. Under these conditions, BONK could slide 20% to collect the sell-side liquidity below $0.000009332.

Also read: Dogecoin price struggles to recover despite fast-paced wallet growth

Author

Akash Girimath

Akash Girimath is a Mechanical Engineer interested in the chaos of the financial markets. Trying to make sense of this convoluted yet fascinating space, he switched his engineering job to become a crypto reporter and analyst.

More from Akash Girimath
Share:

Editor's Picks

Crypto Today: Bitcoin, Ethereum, XRP trade under sustained selling pressure despite mild ETF inflows

Cryptocurrency prices remain under pressure as a risk-off mood persists on Friday, with Bitcoin consolidating its losses above $62,000. Altcoins, including Ethereum and Ripple, are extending their weakness, trading near lower support levels around $1,600 and $1.12, respectively.

Bitcoin Weekly Forecast: After the bloodbath, everyone looks at $60,000

Bitcoin (BTC) hovers above $62,000 at the time of writing on Friday, weighed down by growing risk-off sentiment due to persistent geopolitical tensions in the Middle East and sticky macroeconomic uncertainty.

Cardano hits five-year low even as Hoskinson clarifies "break" isn't an exit

Cardano price is down 10% at press time on Friday, extending losses over 30% so far this week amid Charles Hoskinson's clarification that "break" isn't an exit. A reactionary spike in on-chain activity and social chatter, reflecting a strength of community, but fails to absorb the price decline.

Arthur Hayes' “Holy Trinity” is dead: Exits Zcash after Orchard Pool exploit

Arthur Hayes dumped his entire Zcash holdings on Friday, a day after selling his HYPE and NEAR holdings. Zcash is down 13% so far on Friday, extending the 26% drop from the previous day.

Bitcoin: After the bloodbath, everyone looks at $60,000
Bitcoin (BTC) hovers above $62,000 at the time of writing on Friday, weighed down by growing risk-off sentiment due to persistent geopolitical tensions in the Middle East and sticky macroeconomic uncertainty. The institutional sell-off continued to wreak havoc on capital flows, with spot Bitcoin Exchange-Traded Funds (ETFs) recording billions in outflows.