BONK's Price Surge Faces Final Hurdle Before Major Gains

BONK's recent price surge has many investors wondering if it can maintain its bullish momentum. The memecoin gained 14% in a single day, setting a new local high and surpassing expectations.

This positive outlook is even more impressive considering the broader pullback of capital from the crypto market. Bitcoin, for instance, fell to $85,000 after reaching as high as $87,000 on September 22nd.

To understand BONK's prospects, it's essential to analyze its technicals. The asset broke out of a descending resistance channel, which is a bullish sign. However, this rally has been hindered by a horizontal resistance line, marked in blue, that has previously prevented price growth on two occasions.

A confirmed break above the resistance zone would likely lead to further gains for BONK. If this happens, investors can expect two high-level targets: $0.00000516 and $0.00000831. This represents a cumulative gain of approximately 147% in growth.