BONK Price Targets Revealed: Can the Memecoin Rally 50x?

The crypto market is showing signs of recovery lately, with the total global market up by 0.68% today. BONK memecoin is drawing fresh interest as analysts

Cryptocurrency prices today are showing mixed signs, with the total global market up by a meager 0.68%, following a turbulent week.

While some coins are experiencing gains, others are facing losses as the market struggles to find stability.

BONK memecoin is among those drawing fresh interest, with some analysts predicting a 50x rally. In a recent tweet, @CryptoELlTES shared a breakdown of BONK’s potential price targets.

Starting with $0.000234986 and reaching as high as $0.001679863, their analysis highlights a breakout from a parallel ascending channel, signaling the start of an accelerated uptrend.

The chart depicts a series of higher lows and higher highs, indicative of consistent accumulation and growing buying pressure.

The breakout is further confirmed by elongated green candlesticks, reflecting increased trading activity and market interest.

The chart leverages Fibonacci extension levels to pinpoint BONK’s possible upward trajectory.

The first level, $0.00050008, serves as the initial target following the breakout.

Minor resistance is projected at $0.000233463, while $0.000521873 marks a medium-term hurdle.

The ultimate goal, aligned with the 50x projection, lies at $0.001657457.

At the time of writing, BONK’s recent performance has shown significant trading activity, highlighting volatility in the market.

Per CoinGecko, BONK’s current price is $0.00002765, with a 24-hour trading volume of $122.56 million.

Despite a slight decline of 0.61% in the past day and a weekly drop of 21.63%, traders remain optimistic.

The breakout has introduced heightened volatility, which could bring both opportunities and risks.

However, analysts note that while retracements are likely at key Fibonacci levels, BONK’s trend remains largely upward, driven by strong market sentiment.