Following a price spike to new highs in the past few months, the doggy-themed meme coin Bonk (BONK) has since declined and is now consolidating. A crypto analyst noted that Bonk is undergoing a corrective Wave 3 move down, suggesting that the meme coin could be breaking past a downward trend and preparing for a new All-Time High (ATH). 

Bonk Price Set For $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 crypto analyst Bluntz is labeled with Elliott Wave theory patterns from waves one to five. This five-wave structure indicates a potential move upwards to new ATHs for Bonk.

Bluntz revealed in an X (formerly Twitter) post that Bonk had retraced 46.09% of its previous highs, marking the completion 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 decline as a healthy correction within a bullish trend for Bonk. While the 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

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Author: Scott Matherson

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