NAIROBI (CoinChapter.com) — BONK is poised for a potential breakout as the Solana-based meme coin enters its third wave, according to Scott Matherson, a well-known figure in the cryptocurrency analysis community.
Matherson recently applied the Elliot Wave Theory to BONK, indicating the coin’s upward trajectory.
BONK Coin Price to Surge to $0.000027
In an analysis shared on X, Scott Matherson projected that BONK coin price could rise to $0.000027 during its third wave. His analysis noted that BONK crypto had already surpassed its first wave peak at $0.000022, confirming the likelihood of a further impulsive move to the $0.000027 level.
Matherson highlighted that the memecoin appears to have completed its corrective second wave, rebounding from the $0.0000167 level, which he identified as the bottom during the correction phase. He anticipates this rise by Sept. 2024.
After reaching the $0.000027 price mark, Matherson predicts a subsequent correction, with the price expected to pull back to $0.000023. The analyst also suggested a more bullish outlook, with the BONK coin possibly reaching $0.000029 during its fifth wave.
However, despite these gains, BONK’s token projected high remains below its all-time high (ATH) of $0.000047, achieved in March 2024.
Technical Indicators Signal Positive Momentum for BONK
As of Aug. 27, 2024, BONK USD trades at $0.00001944, down 3.18% on the last day. With a market cap of $1.36 billion and a 24-hour trading volume of $122.4 million, the memecoin sits below key resistance levels at $0.00002190 and $0.00002183, defined by the 50-day and 200-day EMAs.
The Relative Strength Index (RSI) at 45.85 indicates a neutral position, suggesting possible consolidation.
Moreover, the Fibonacci retracement levels on the chart show key targets at $0.00002475 (0.618 Fibonacci level) and $0.00003967 (1.618 Fibonacci extension), with the latter aligning closely with Matherson’s long-term target for the fifth wave.
The daily chart shows a descending triangle pattern, often seen as a bullish continuation when it appears in an uptrend. The MACD histogram’s green bars suggest a bullish crossover is forming, reinforcing the possibility of a breakout.
SleekCrypto, a crypto influencer, highlighted the BONK USDT pair‘s strong performance this cycle. He mentioned a trader who turned $18,000 into $18 million with the coin. This, combined with bullish technical indicators, suggests the memecoin could soon break out toward $0.000027.
