Analyst Says This Meme Coin Is Heading For A New ATH – It’s Not Dogecoin

After one price rise to new heights for the past few months, the doggy-themed meme coin Bonk (BONK) has since declined and now consolidating. A cryptoanalyst noted that Bonk is undergoing a corrective Wave 3 move down, suggesting that the meme coin could break past a downtrend and preparing for a new All-Time High (ATH).

Bonk Price set at $0.00006 ATH

The Elliott Wave Theory is a technical analysis of patterns that help predict cryptocurrency price movements or the overall trajectory of the market. The Bonk price chart shared by prominent cryptoanalyst Bluntz is labeled with Elliott Wave theory patterns from wave 1 to 5. This five-wave structure indicates a potential upward move to new ATHs for Bonk.

Bluntz exposed in an X (formerly Twitter) post that Bonk had retraced 46.09% of its previous highs, marking the end of corrective wave C of the Elliott wave theory. The three-wave correction structure in the Bonk price chart suggests a pullback phase, which is expected during market cycles

The analyst has interpreted this price drop as a healthy correction within a bullish trend for Bonk. While Bonk price is currently trading at $0.000038, its chart indicates a potential resumption of its previous upward momentum to reach new ATHs at $0.00006.

Bluntz has suggested that Bonk’s current price drop could present a rare buying opportunity for investors, suggesting confidence in the meme coin’s bullish outlook. By the fifth wave, which could be around 2025, the analyst expects Bonk’s price is skyrocketingwhich pushes the price towards the expected ATH.

The Relative Strength Index (RSI) The indicator at the bottom of the chart is also showing a reading near 45, indicating that Bonk may soon enter oversold territory. Thus, the theory of a potential price jump is supported.

Analysts predict that the Bonk price will erase a zero

Also by sharing one Bonk price prediction based on the Elliott Wave theory, has cryptanalyst Sensei are compared Bonk’s Price Action to Bitcoin’s Historical Wave Structure. The analyst revealed that Bonk was in an accumulation phase over the past year where its the price showed relative stability.

However, the meme coin experienced a serious upward movement after breaking out in the first wave of the Elliott wave cycle. In the second wave, as seen from the price chart, the analyst highlights a pullback where the price of Bonk consolidates and “weak hands” exit the market.

As expected, Sensei has predicted that Wave 3 could push Bonk to a new ATHas this wave is often seen as the strongest. During Wave 4, Bonk is expected to experience a minor correction again before rising above $0.0001, eliminating a zero from its current price and marking a new ATH in Wave 5.

Sensei has drawn parallels between Bonk’s wave structure and Bitcoin Historical Wave Patternshighlighting that the similarities of the wave movements can strengthen Bonk’s argument for reaching a new ATH.

Featured image from The Daily Dot, chart from TradingView