TL;DR

BONK retests $0.000025 neckline with cup-and-handle pattern, suggesting possible 100% upside rally. Analysts highlight previous resistance turning support as traders await a bounce or further downside. Grayscale tracking sparks institutional interest as BONK holds near critical support amid heavy trading.

BONK Teeters Before Potential Breakout

Bonk (BONK) trades below $0.000026 after falling 8% in the past 24 hours and 27% over the last week. Trading volume reached $570 million in the same period. Market attention is on a key support zone that could determine the next move.

Crypto analyst Jonathan Carter said BONK is retesting its neckline at $0.000025, forming what he identified as a cup-and-handle pattern, which is often seen during bullish continuation phases.

Carter said, 

“pattern completion combined with a neckline hold could result in 100% upside.” 

His price targets are $0.000035, $0.000037, $0.000041, and $0.000052. He noted that trading volume increased on the right side of the pattern, which can confirm market interest during a potential breakout.

#BONK Neckline Retest – Bulls Ready to Bounce

Cup and handle pattern executing flawlessly near the $0.000025 support zone‍♂️

Pattern completion + neckline hold = 100% upside

Target levels: $0.000035 → $0.000037 → $0.000041 → $0.000052

This is the setup that doubles… pic.twitter.com/Lb98rWSjDZ

Interestingly, technical readings show the Relative Strength Index (RSI) has cooled from earlier highs, giving room for another upward move if buying returns.

Buyers Watch Previous Resistance as Support

Analyst BATMAN shared that BONK’s recent pullback is approaching a previous resistance area, now a potential support zone between $0.000025 and $0.000026.

“If it dips a bit lower into that blue box, that’s the spot I’d be looking to buy,” he said. 

A recovery from this zone could keep the bullish setup intact. A break below the area, however, would suggest fading short-term strength.

Institutional Tracking Adds Interest

Last month, BONK was added to Grayscale’s institutional tracking list. While this does not confirm investment, traders see it as a step that may bring broader market visibility.

Market participants are now focused on whether BONK can hold its neckline support and trigger the next leg of the cup-and-handle pattern or if the decline continues in the near term.