BONK Breaks Out: Descending Channel Reversal Targets $0.0000390
Meme coin momentum is shifting. After weeks of grinding lower within a defined pattern, BONK is flashing its first real signs of a bullish reversal. The key? A decisive breakout from a descending channel that's had the asset in its grip.
The Technical Turnaround
For chart watchers, the descending channel was the story—a series of lower highs and lower lows painting a clear downtrend on the daily chart. That narrative is now under threat. The recent push above the channel's upper boundary isn't just a blip; it's a signal that selling pressure is exhausting and buyers are stepping in. This isn't about hopium—it's about price action violating a established structure.
The $0.0000390 Target
With the breakdown of the bearish structure, the path is clearing for a run toward the $0.0000390 level. This isn't a random number pulled from a hat; it represents a significant technical objective, often calculated from the height of the former channel projected upward. Reaching it would confirm the breakout's strength and potentially unlock further gains. Of course, in crypto, every target comes with a caveat—treat it as a guidepost, not a guarantee. After all, in traditional finance, this is where a fund manager would start talking about 'long-term value horizons' to explain away the volatility.
What's Next for the Dog?
The meme coin sector lives and dies by sentiment, and a technical breakout like this feeds directly into it. A sustained hold above the former channel resistance transforms it into support, setting the stage for the next leg up. Watch for volume to confirm the move—real breakouts come with a crowd, not a whisper. Failure to hold, however, could see BONK slump back into its old range, giving the 'I told you so' crowd their moment. The charts have spoken; now it's time to see if the market listens.
Technicals Indicators Suggest a Shift in Momentum
From the technical perspective, the chart illustrates the price action of BONK with the SMA and Bollinger Bands. The current price action of BONK is found NEAR the top of these bands. It tends to indicate an upward shift or change in market trends. It shows that the price usually remains within these boundaries.
Source: TradingView
A breakout is now to be expected for the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD). The RSI is 51.25. It is in a neutral market. The MACD is close to zero, indicating that market momentum is low. However, there is a slight bullish momentum in the MACD histogram indicated by green bars above zero.
BONK Eyes $0.0000390 After Descending Channel Breakout
Moreover, the crypto analyst, Jonathan Carter, highlighted that there has been a recent formation of a descending channel on the 2D chart for BONK, a pattern that generally indicates a bearish trend. However, the price movement seems to be experiencing a process of accumulation at support levels, implying a change in the trend due to a lack of selling momentum.
The price targets to focus on for a potential turnaround for BONK are $0.0000130 and $0.0000197. These are essential resistance areas, which could lead to a breakout if prices manage to get out of the downward channel. Breaking through successfully could mean the start of a bullish journey for BONK.
Source: Jonathan Carter
If BONK breaks past these levels with strong momentum, it may target even higher levels such as $0.0000260 and $0.0000390. These levels are important and may provide an indication that the momentum is set to continue. But if it fails, there may still be risks of further downfall. Investors are closely watching to see whether BONK will hold beyond support.
Also Read: BONK Price Under Pressure as Sellers Defend $0.000001025 Resistance
