- BONK is up by close to 30% this week.
- The daily structure combined with liquidation levels showed that the bulls might be stalled soon.
As a seasoned analyst with years of experience under my belt, I’ve seen my fair share of market fluctuations, and the recent performance of Bonk [BONK] has certainly caught my attention. The 30% surge this week is nothing short of impressive, but it’s important to remember that past performances are not always indicative of future results.
Approximately a week ago, BONK dipped beneath a crucial support line and decreased by around 15% over the course of three days. However, since reaching its recent bottom on November 4th, the meme token has experienced a significant surge in value.
The outcome of the U.S. elections might influence the direction of Bitcoin (BTC) pricing patterns. While short-term fluctuations could pose a risk to traders, Bitcoin’s bullish trend could potentially benefit Bonk coin.
Bonk coin range failure and Fibonacci support levels
In October, BONK’s price fluctuated between $0.0000197 and $0.0000241, a range represented by the purple line on the chart. On November 1st, it dipped below this range’s lower limit. This decline took the price down to $0.0000174, which is equivalent to the 78.6% Fibonacci retracement level.
The retracement levels were plotted based on the rally the meme coin saw in September. The 78.6% level offered an almost immediate bullish reaction. Over the past two days, BONK has gained 32.2% from its lows point at $0.0000171.
Nevertheless, the daily chart’s market structure continues to show a bearish trend. Breaking above the current lower high at $0.0000227 (dotted orange), during a daily session, would signify a shift towards a bullish structure break.
Although the recent surge has been quite significant, the On-Balance Volume (OBV) continues to show a declining trend. It might take more buying activity to propel prices past the current peak around $0.000024. However, it’s worth noting that the Relative Strength Index (RSI) has moved above the neutral 50 level, suggesting a potential change in momentum towards the buyers.
Former range highs likely to be critical once more
According to AMBCrypto’s examination of the liquidation chart over the last three months, it was found that the potential price points for a bullish trend are at approximately $0.0000231 and $0.0000262. Remarkably, the first level aligns with the current resistance area.
Read Bonk’s [BONK] Price Prediction 2024-25
Furthermore, since there hasn’t been much buying activity lately, it seemed more probable that we would see a price reversal at $0.000023 instead of a breakout within the next few days.
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2024-11-06 14:15