BONK price prediction- Here’s why traders can go long after a 6.5% price dip

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  • BONK burst out beyond the six-week range highs on high trading volume.
  • A price dip below $0.00003 in the coming days was likely.

As a seasoned analyst with over two decades of experience in the financial markets, I must admit that the cryptospace is more intriguing than ever. The recent surge of BONK [BONK] has caught my attention, and I find myself drawn to its price action like a moth to a flame.

On November 12th, Tuesday, BONK experienced a surge of 39.26%, peaking at $0.00004. However, it subsequently dipped by 17.46% over the past ten hours. It’s possible that this decline might not have ended yet, as the liquidation heatmap suggests another potential drop of approximately 6.5%.

Despite Bitcoin [BTC] being in its price-determination stage, drops in BONK’s value offer a chance to buy. In fact, crypto investors were encouraged by Bernstein Research to seize as much as they can.

BONK achieves the 100% Fibonacci extension target

In simple terms, the value of the OBV surpassed its previous peak from late September, breaking free from a six-week price limit. During the first week of November, however, it dipped below the lower boundary of this range.

Since then, positive occurrences like the election of a pro-cryptocurrency U.S. president, have fueled optimistic expectations about various market assets.

On the daily chart, the Relative Strength Index (RSI) was once again reaching levels of 81, a point last seen in March 2024. In that previous instance, the stock BONK experienced an impressive surge of 333% over a nine-day period. More recently, a breakout from the range, amounting to approximately 133%, unfolded over eight days before the market began to dip.

BONK price prediction- deeper short-term dip expected

The 1-week look-back liquidation heatmap highlighted the $0.0000307 and $0.0000345 levels as the closest magnetic zones for BONK. A deeper move to $0.0000276 is also possible, especially if BTC falls below $85.5k.

Is your portfolio green? Check the Bonk Profit Calculator

It’s quite probable that we’ll see further increases, but exactly when they might occur is uncertain. At the moment of printing, Bitcoin had surged by 34% over the past week and was hovering around $87,000.

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2024-11-13 22:15