- Memecoin’s bulls had a slight edge over the bears, based on its indicators
- Liquidation heatmap highlighted the local highs as a short-term target
Currently, as we speak, Bonk [BONK] was almost ready to transform the $0.0000338 mark into a support base. Yet, in the last few hours, the buying force encountered some pushback at the 61.8% retracement point. Interestingly enough, the technical indicators hinted that the bulls held a slight upper hand.
Given Bitcoin‘s [BTC] strong showing before the U.S. presidential inauguration on 20 January, there might exist some optimism for the memecoin. However, traders of BONK should remain cautious if Bitcoin’s advancement slows down or reverses.
Time for another BONK rejection?
Today’s price trend shows a downtrend, as it has reached a lower low compared to last week. At this moment, the price is hovering slightly below the 61.8% Fibonacci retracement level, which stands at $0.0000338. Interestingly, the Relative Strength Index (RSI) has risen slightly above the neutral 50 mark, suggesting that the buying momentum might be gaining traction.
Over the past month, the OBV (On-Balance Volume) has risen significantly, yet it hasn’t managed to surpass its local peak. This observation carries a slightly optimistic undertone. Despite the fact that memecoins have experienced declines over the past six weeks, the buyers of BONK still demonstrate resilience.
$0.000037 resistance level highlighted as key for bulls
According to the H4 chart, there was a noticeable difference between the estimated fair price and current price, which peaked around 0.00003. In the latter part of December, this particular level served as a significant point of resistance.
Therefore, a retest of the FVG or the $0.00003-level would likely present a buying opportunity.
In simpler terms, the 1-month liquidation heatmap shows a group of prices around 0.0000366 to 0.0000374 as significant for selling off, which coincides with the highest prices that BONK reached at about 0.000036 early in January.
Read Bonk’s [BONK] Price Prediction 2025-26
In the near future, BONK might trend towards $0.000036 to $0.0000374, potentially offering traders chances to cash in. Meanwhile, those who prefer longer-term strategies could consider buying positions once a daily market structure shows bullish signs and the On Balance Volume (OBV) surpasses its local highs.
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2025-01-19 04:07