Date: Thu, May 15, 2025 | 09:20 AM GMT
The cryptocurrency market has shown strong upside strength, with Ethereum (ETH) leading the charge. ETH has climbed more than 55% over the past month and is now trading near the $2,550 mark — its highest level in months. This resurgence is also lifting sentiment across major memecoins, including Bonk (BONK).
BONK is currently showing monthly gains of over 67%, but with today’s drop, a key breakout is being retested — suggesting that another bounce back might be on the horizon.
Retesting the Cup and Handle Breakout
On the daily chart, BONK has formed a textbook cup and handle pattern — a well-known bullish reversal setup that often signals a transition from a downtrend to a new bullish phase.
After a rounded consolidation that formed the cup, BONK dipped slightly to complete the handle. It then bounced from a low of $0.000016, supported by the 100-day moving average, and broke above neckline resistance at $0.000020. This breakout pushed the price to a local high of $0.000025.
However, BONK faced resistance and retraced more than 13%, bringing it back to the breakout zone around $0.000020. This area is now acting as critical support.
What’s Next for BONK?
The current retest of the $0.000019–$0.000020 zone is a crucial technical moment. If buyers step in and BONK holds above this range, it would confirm the bullish retest and potentially spark another rally.
The target for the cup and handle breakout is around $0.0000312, this implies a potential 40% upside from current levels if the pattern plays out.
BONK’s ability to bounce from here may depend on broader market sentiment — particularly whether Ethereum can maintain its momentum and keep lifting the rest of the market. If that happens, BONK could be gearing up for its next leg higher.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always do your own research before investing in cryptocurrencies.