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Published: December 24, 2024
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- BONK has a bearish structure and company down momentum.
- The lower highs for the OBV revealed increased offering pressure and requires to be reversed before healing can start.
Bonk [BONK] Was trending downward in current weeks and the retracement stage has actually not ended. The meme coin market as a whole has actually likewise shed gains over the previous month and was yet to recuperate.
Technical analysis revealed that there is expect a rate bounce in the short-term. It would be a retest of the resistance zone developed previously this month.
Moving averages form a bearish crossover
Source: BONK/USDT on TradingView
The 20 and 50-period moving averages were above the rate and formed a bearish crossover just recently to reveal that a sag remained in development. The drop listed below $0.00004 in the 2nd week of December likewise indicated the very same concept- a deep retracement was ahead.
After the 78.6% Fibonacci retracement level at $0.0000264 was retested and protected as assistance, BONK bulls have some factor to cheer. There is work to be done.
The OBV has actually been forming lower highs considering that mid-November. This need to be broken for the meme coin to restore its uptrend. Another thing to break was the bearish market structure, and a relocation past $0.000035 and a greater low afterwards would be the primary step.
The 1-month lookback duration liquidation chart revealed a cluster of liquidity at $0.000049. The magnitude of this liquidity swimming pool indicated that it was a most likely target for BONK in the coming weeks.
Before that, the $0.00004 area might likewise see a small relocation downward after a retest.
The 2-week liquidation heatmap highlighted the resistance $0.00004 might present. The liquidation levels here were most likely to be swept before a retracement.
The depth of this retracement is uncertain and would depend of the strength of BONK bulls and the bullish momentum Bitcoin has at that time.
Check out Bonk’s [BONK] Cost Prediction 2024-25
Listed below $0.00004, which was likewise a substantial technical resistance zone, $0.000035-$0.000037 might likewise oppose the bulls.
Apart from day traders, the rest ought to watch out for BONK’s bullish opportunities till the $0.00004 resistance is turned to support.
Disclaimer: The info provided does not make up monetary, financial investment, trading, or other kinds of suggestions and is entirely the author’s viewpoint
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