BONK Price Prediction: Late Correction Pattern Hints at Rally Towards $0.00004

Bittime - Since the end of last week, selling pressure in the cryptocurrency market has begun to subside after Bitcoin price found stability above $55,000. This absence of aggressive sellers has provided support for altcoins to find suitable support points, while fast-moving assets like meme coins are already in recovery mode. This phenomenon was seen in the Bonk coin (BONK) whose price rose again from $0.000018 to $0.000026, recording a jump of 44%. Has the correction trend ended?

BONK Price Today

Source: TradingView

BONK, a Solana-based meme coin, emerged as one of the cryptocurrencies showing strong resistance to the early July sell-off. In the past three weeks, the coin's price twice recovered from the horizontal support of $0.000018, indicating that buyers were actively buying at that point.

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Looking at the daily chart, this increase is forming a double bottom pattern. This bullish reversal pattern provides higher confidence for a bottom formation as well as a breakout opportunity.

Today, BONK price jumped 8% to trade at $0.0000261, while the market capitalization jumped to $1.78 billion. This increase was likely driven by the announcement of a significant token burn proposal by the treasury.

BONK and 84 Billion Token Burn Proposal

Bonk DAO has received a proposal to burn approximately 84 billion BONK tokens from its treasury. This proposal relates to the amount of BONK sent to the DAO from BONKBot in the second quarter. If approved, this burn would reduce the overall supply of BONK tokens, potentially increasing their value due to the scarcity principle.

Bullish Momentum and Price Projections

Amid these developments, the coin price is approaching the $0.000027 neckline resistance of the above bullish pattern. Bullish momentum will increase if buyers succeed in turning the above resistance into potential support. A post-breakout rally could push the asset to $0.000035, followed by $0.000045.

Additionally, the current upward trend in BONK price is driven by the rising trend line on the daily chart. Since February 2024, this dynamic support supports buyers to maintain a stable higher low formation.

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Conclusion

With the stability of the cryptocurrency market and strong technical support, BONK price is predicted to have a great chance of rallying towards $0.00004 in the near future. Investors are advised to continue monitoring market developments and news regarding token burning proposals to make more informed investment decisions.

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