- BONK has a strongly bullish short-term outlook.
The potential for a bearish divergence could see volatility and a price dip in the coming days.
As an analyst with over a decade of experience in the crypto market, I have seen my fair share of bull and bear runs. Currently, Bonk [BONK] presents a complex yet intriguing picture. The coin’s resilience during the recent market-wide dip is noteworthy, but it’s important to remember that the higher timeframe trend remains bearish.
Among the trending meme cryptocurrencies, BONK managed to maintain its ground despite the broader market facing intensified selling activity. Even when BONK briefly dipped, savvy buyers quickly snapped up the coins, indicating a strong bullish sentiment towards it.
After experiencing a surge in purchases, Bonk Coin reclaimed a 10.8% increase following its dip. A resistance barrier, which hasn’t been broken since July, is currently hindering further growth. Will the bulls be able to surmount this obstacle anytime soon?
Range breakout and retest boosts bullish hopes
In the last three days, Bonk Coin displayed impressive resilience, even as other coins experienced a price decrease due to widespread selling. Interestingly, Bonk Coin returned to the upper limits of its previous range and persisted in its upward trajectory following this test.
At press time the token was trading at $0.0000248, just beneath the $0.000025 resistance level.
Although Bonk coin has shown a bullish trend in recent weeks, it’s essential to keep in mind that its long-term direction is bearish. This is evident by the resistance levels at Fibonacci retracement levels of $0.000025 and $0.0000293 not being broken.
In simpler terms, the Relative Strength Index (RSI) currently stands at 73, but there’s a possibility of a downward trend if it doesn’t surpass 74.69 in the near future. Such a situation might indicate a temporary peak and a potential reversal.
Liquidation heatmap shows upside target
Over the past fortnight, my analysis has pointed towards the $0.0000263 zone as the next short-term target for Bonk coin. The technical indicators have been overwhelmingly bullish, and despite the recent market volatility that caused turbulence across many cryptocurrencies, Bonk (BONK) appears to be relatively resilient.
Realistic or not, here’s BONK’s market cap in BTC’s terms
If the price gets rejected at 0.0000252 and shows a temporary decline, then 0.0000211 could be the next significant level to watch as we move towards lower prices.
According to AMBCrypto’s analysis, it’s anticipated that the price will rise above $0.0000263 this week.
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2024-10-02 23:03