Date: Fri, Aug 01, 2025 | 12:40 PM GMT
The broader crypto market is experiencing a correction following Ethereum’s sharp rejection at the $3,940 level. ETH has since slid back to around $3,660 — a 5% daily decline — sparking a wave of sell-offs across altcoins and meme tokens.
Bonk (BONK) is one of the more heavily hit, down 9% on the day and extending its weekly losses to 27%. But while the short-term momentum appears bearish, the chart paints a potentially bullish narrative.
Retesting the Cup and Handle Breakout
Zooming into BONK’s daily chart, shared by prominent crypto analyst JohncyCrypto, a textbook Cup and Handle formation has taken shape — a classic bullish continuation pattern often seen before explosive moves.
After carving out the “cup” from February to May and then the “handle” in June–July, BONK saw a breakout above the neckline resistance at approximately $0.00002500 in mid-July. That breakout triggered a swift rally, sending the price as high as $0.00004061 before sellers stepped in.
Now, the recent pullback has brought BONK back down to retest the neckline zone around $0.000025 — a move that, while sharp, is common in strong continuation patterns. As of writing, BONK is holding near $0.00002636, suggesting a possible confirmation of the breakout.
What’s Next for BONK?
If this retest holds and buyers re-enter the market, BONK could be gearing up for its next leg higher. The first major upside target would be reclaiming the recent high of $0.00004061, followed by a possible extension toward the upper resistance zone at $0.00005200, a 94% gain from current levels.
However, bulls need to defend the $0.00002500–$0.00002600 neckline area to keep the breakout structure intact. A breakdown below this support could invalidate the pattern and send BONK back toward the lower consolidation range near $0.00001900 or lower.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always do your own research before making investment decisions.
The opinions and market insights shared on CoinsProbe represent the views of individual authors based on prevailing market conditions at the time of publication. Cryptocurrency investments carry significant risk and volatility. Readers are encouraged to conduct their own research and seek professional financial advice before making investment decisions. CoinsProbe and its contributors do not accept responsibility for financial losses or decisions made based on published content.
CoinsProbe may publish sponsored articles, affiliate links, or promotional collaborations. All sponsored material is clearly labeled to maintain transparency with our audience. Our editorial decisions remain fully independent, and advertising partnerships do not influence reviews, rankings, or published opinions.
Since 2023, CoinsProbe has delivered reliable insights on cryptocurrency, blockchain, and digital assets. Our content is created by experienced researchers and analysts who follow strict editorial standards focused on accuracy, transparency, and credibility. Every article is carefully reviewed and verified using trusted sources and current market data. We provide unbiased analysis and timely updates covering everything from emerging crypto projects to major industry developments.
