An analysis of the BONK cryptocurrency market shows clear signs of growth following an extended period of consolidation. With recent upward movement and confirmation of key support levels, trader expectations remain optimistic.
Breakout from Accumulation Range
BONK traded within a tight consolidation range between $0.000021 and $0.000027 for several weeks. This range served as an accumulation zone, characterized by declining volatility and volume compression. The recent breakout above $0.000027 invalidated the sideways structure and marked the beginning of a new bullish phase.
Retest and Reclaim of Structural Support
Following the breakout, BONK retested the $0.000027 zone with a clean pullback, validating it as new support. This confirmation is critical from a technical standpoint—it reduces the risk of a fakeout and sets a higher probability for trend continuation. The bounce from this level was supported by increasing volume, further solidifying the reclaim.
Trend Continuation and Fibonacci Targets
The ongoing trend is forming a parabolic curve, with BONK printing a consistent series of higher highs and higher lows across the 4H and daily timeframes. Applying Fibonacci extensions from the most recent swing low to high suggests target levels around $0.000044, $0.000052, and $0.000065.
The current market structure of BONK is clearly bullish, supported by a breakout-retest-confirmation pattern and accelerating trend strength. As long as the $0.000027 support holds, market sentiment remains positive.
