BONK Surges 15% After Broadening Wedge Breakout: Will the Uptrend Extend?

• BONK broke out of a broadening wedge pattern, with its current price at $0.00001862.
• The next price targets are $0.00001950, $0.0000250, and $0.0000370 if BONK surpasses the MA 100.

BONK, a Solana-based, dog-themed meme coin that debuted in December 2022 through a massive airdrop, has recorded a price surge in the last 24 hours. According to market data. BONK now trades at a price value of $0.00001862, as a breakout from the upper border of a broadening wedge pattern on the daily timeframe has been observed. This movement suggests a strong bullish momentum following a period of volatility. 

Broadening Wedge Pattern Breakout and Potential Price Targets

According to an analysis prepared by Rose Premium Signals. BONK’s price is showing signs of strength as it surges past the upper boundary of a broadening wedge pattern. 

An upper price breakout during such periods suggests growing market demand. When price swings grow larger during a broadening wedge pattern this indicates that consolidation phase may transform into strong directional price movement.

Following the breakout, attention now turns to key price levels. Next goals are $0.00001950, $0.0000250, and $0.0000370 if the token successfully breaks above the 100-day moving average. 

To further support the broadening wedge pattern, another detailed analysis by Jonathan Carter points to the same where the 100-period moving average (MA 100) acts as secondary resistance. 

A move above the MA 100 could serve as a confirmation for further upward movement. If these targets are met, they will serve as crucial levels to watch for further market developments. 

Tracking the current market trend, CoinMarketCap indicates that BONK saw a price increase of 15.24% in one day, reaching $0.00001862. The market cap rose to $1.46B, a 15.30% gain. Trading volume surged by 207.89% to $630.76M. 

The circulating supply stands at 78.78B BONK, with a total supply of 88.83B. The token’s fully diluted valuation (FDV) is $1.65B. The price chart shows significant upward movement, with the token reaching its peak during the observed period.

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