- Range-bound trading was not accompanied by steady BONK accumulation
- Momentum was bearish at press time and buyers would need to wait for a deeper dip before trying to go long
As a seasoned crypto investor with over a decade of experience navigating through bull and bear markets, I can confidently say that BONK has been stuck in a rut for quite some time now. The lack of steady accumulation during the range-bound trading phase is concerning, especially given the current market sentiment of fear and uncertainty.
As a crypto investor, I’ve noticed that BONK hasn’t been able to start a bullish surge recently. The overall market atmosphere has been fearful, and short-term buyers seem to be losing steam. Unfortunately, this lack of interest in BONK is making it difficult for the memecoin to make a significant breakthrough on the charts.
Traders can expect to find chances for earning profits, but they’ll need to exercise patience as September may prove challenging and unpredictable. There are several significant news events scheduled this month, any one of which could unexpectedly influence the value of assets.
BONK bulls hold on to the local support level from mid-August
In simpler terms, the current lowest point in BONK’s price range seemed to be its next short-term goal, but there was also a supportive level at $0.0000174. On the 12-hour chart, the moving trend was bearish according to the RSI indicator.
The OBV also hinted at seller strength with the indicator struggling to embark on a consistent uptrend over the past month. The higher timeframe charts showed that the Fibonacci retracement level at $0.0000188 was a key level.
Despite the prevailing anxious market feelings, BONK amassing hadn’t started in significant quantities yet. Long-term investors might find encouragement in an upcoming market upturn, but for the immediate future, it seems that the fluctuating prices will continue within a limited range.
Liquidation heatmap reveals bullish reversal zone
AMBCrypto analyzed the liquidation heatmap data for BONK for the past month. It agreed with the range-bound price action. There were two key liquidity pools at $0.0000146-$0.0000161 and $0.0000237-$0.0000253.
Realistic or not, here’s BONK’s market cap in BTC’s terms
This fit nicely with the limits of the extreme ranges. The powerful magnetic area to the south might get moved at least partly. Therefore, investors in the BONK project may want to search for purchasing chances close to the $0.000015 area.
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2024-08-31 15:03