Bonk (BONK) surges 24% in a week, 147% in 90 days, driven by harmonic pattern

Bonk (BONK), a Solana-based memecoin, has been making waves in the cryptocurrency market with a remarkable 24% rally over the past week, extending its 90-day surge to 147%. This impressive performance has caught the attention of investors and traders alike, especially as the broader cryptocurrency market experiences a bullish wave, with Bitcoin (BTC) reaching a new all-time high of $123,000 and Ethereum (ETH) posting an 18% weekly gain.

The key driver behind BONK's recent surge is the emergence of a harmonic pattern on its daily chart. This pattern, known as a Bearish Bat harmonic pattern, is a classic setup in technical analysis that is often used to forecast significant price movements. The pattern begins at point X near $0.00003987, drops to point A, bounces to point B, and then retraces down to point C around $0.00001141. From there, BONK has reversed with strong momentum, reclaiming critical territory and now trading around $0.000029 — a level above the 200-day moving average, indicating bullish strength.

If the CD wave completes according to the pattern, the next key levels to watch are within the Potential Reversal Zone (PRZ) — ranging from $0.00003633 to $0.00003987. These correspond to the 0.886 and 1.0 Fibonacci extensions, common targets where Bat patterns typically complete their final wave. If BONK maintains this upward momentum, the price could rise by another 36% toward the $0.00003987 level — the projected completion point of the harmonic pattern. This area will likely serve as a strong resistance and a decision point where traders may look to lock in profits.

However, it is crucial for BONK to hold above its 200-day moving average, currently around $0.000018, to keep this bullish setup valid. A drop below this level could undermine the pattern and invite short-term pullbacks. With the broader market in a strong uptrend and BONK showing clear structural strength, all eyes are now on whether this memecoin can extend its impressive run toward new highs.

The harmonic pattern in BONK's price chart indicates a potential upside move, which could attract more investors and traders to the cryptocurrency. The pattern suggests that the current price level may act as a support zone, from which the price could rebound and move higher. This technical analysis is based on the principles of harmonic trading, which involves identifying specific price patterns that repeat themselves in the market.

The potential upside move in BONK's price is not only supported by the harmonic pattern but also by the recent surge in its trading volume. The increased trading volume indicates a growing interest in the cryptocurrency, which could further fuel the price rally. Traders and investors are closely monitoring the price movement of BONK, as the harmonic pattern and increased trading volume could lead to a significant price increase in the short term.

However, it is important to note that technical analysis is not foolproof, and the actual price movement of BONK may deviate from the predicted pattern. The cryptocurrency market is highly volatile, and various factors, including market sentiment, regulatory developments, and global economic conditions, can influence the price movement of BONK. Therefore, investors and traders should exercise caution and conduct thorough research before making any investment decisions based on technical analysis.