BONK Breakout Rally Teases a Bull Run to $0.000041 This October

As the crypto market is poised for a bull run, meme coins are back in the game. Spearheading the bull market, trending meme coins like BONK showcase

Meme coins are once again taking center stage as the crypto market gears up for a bull run. Among these meme coins, BONK has shown massive potential, exhibiting a double-bottom reversal over the past seven days. Beginning the week at $0.000001917, the meme coin has surged by 25% to reach its current market price of $0.000002395.

Moreover, a bullish reversal from $0.000001567 has led to the formation of a rising wedge pattern in Bonk. Within this rising wedge, Bonk showcases a double-bottom at $0.000001984. Despite the neckline breakout at $0.00002404, BONK struggles to surpass the overhead trend line near the 50% Fibonacci level at $0.000002538.

On the technical front, the MACD and signal lines display a bullish crossover, indicating an uptrend in the meme coin. Notably, as the price action completes a successful retest at the 50% Fibonacci level at $0.0000025, the bulls are likely to propel Bonk towards the peak of the falling channel at $0.00004109.

In other news, analyst ASTEKZ shared a post regarding a trendline breakout rally gaining momentum in BONK. According to the price chart shared by ASTEKZ, the next price targets are $0.0000035, $0.0000048, and $0.0000070.

However, an intraday pullback of 1.07% and a higher price rejection in the meme coin may hint at a negative cycle within the rising wedge. Nonetheless, this negative cycle will likely manifest as a potential retest of the broader falling-channel-pattern breakout.