Analyst Predicts BONK Retest of Range Highs, Signaling Future Gains

Renowned crypto analyst Rekt Capital has recently shed light on BONK’s future movements. In a recent X post, the analyst noted that BONK might retest its old Range Highs as new support after experiencing a breakout. This analysis has caught the attention of traders and investors, eager to see if BONK would follow this pattern.

Rekt Capital explained that post-breakout retests, while not always occurring, are significant. These retests are particularly noteworthy when buy-side pressure is strong. In such cases, the absence of a retest might not undermine the bullish trend. 

However, the presence of one could provide a solid confirmation signal for further upward movement. The potential pullback into the recently broken Range High could serve as a key indicator of BONK’s strength and future performance.

Retesting old Range Highs as new support is a well-established technical analysis principle. It is based on the idea that previous resistance levels become new support levels once broken. This transition is crucial for maintaining the integrity of the breakout and ensuring that the asset does not fall back into its previous trading range.

In the case of BONK, the market would be closely monitoring its movements to see if it adheres to this principle. A successful retest could attract more buyers, further bolstering its price and market position. Conversely, a failure to retest and establish new support could lead to increased volatility and uncertainty among traders.

As of press time, BONK is trading at $0.00003587, reflecting a 2.94% increase over the last 24 hours. Over the past week, BONK has seen a substantial rise, marking an 8.66% price increase.

In addition to the price surge, BONK has experienced a significant trading volume, with $659.7 million traded in the past 24 hours. This high trading activity underscores the growing interest and momentum surrounding cryptocurrency.

As the situation unfolds, Rekt Capital’s analysis is a key reference point for those involved in the cryptocurrency market. While the market remains unpredictable, the possibility of a retest adds an element of strategic consideration for those looking to capitalize on BONK’s recent momentum.