Bonk price slowly forms a risky pattern pointing to a crash
By: bitcoin ethereum news|2025/05/13 02:00:13
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Bonk price has rallied by triple digits after bottoming out at $0.000008870 in April, mirroring the performance of other popular Solana meme coins. Bonk (BONK) Bonk price has rallied by triple digits after bottoming out at $0.000008870 in April, mirroring the performance of other popular Solana meme coins. This rally is part of a broader rebound among Solana meme coins, with the collective market cap of these assets rising from $6 billion in April to $15 billion today. Bonk has also rallied as investors have embraced fear of missing out. SolScan data shows that the number of BONK holders is nearing 1 million. This rising interest has also fueled a spike in spot trading volume, which reached a multi-month high of $1.1 billion on Monday. Further, the rally also happened because of the recent Fartcoin (FARTCOIN) surge beginning from March. Its rally pushed more investors to embrace other Solana meme coins like Bonk. Like other cryptocurrencies, the ongoing Bonk price jump is happening because of macro factors like the US-China trade deal. It is also happening as investors bought the dip following its crash from $0.000060 in November last year to $0.0000089. Bonk price has formed a risky pattern The daily chart shows that Bonk has soared by over 163% from its 2025 low, climbing from $0.000008870 in April to a high of $0.00002588. It has now moved above the 50-day moving average and broken through the 23.6% Fibonacci retracement level at $0.000020. Meanwhile, the Relative Strength Index (RSI) and other oscillators continue to climb. However, there is a risk that the coin may be about to reverse as these oscillators have moved to the overbought level. Also, the coin has formed a rising wedge pattern, a popular reversal sign. A rising wedge consists of two upward-sloping, converging trendlines and often signals a potential reversal as the price approaches the wedge’s apex. If this plays out, the next key support level to watch will be the psychological zone around $0.000015. Source: https://crypto.news/bonk-price-slowly-forms-a-risky-pattern-pointing-to-a-crash/
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