Technical analysis suggests a short-term price bounce for BONK, but warns that the $0.00004 resistance level needs to be flipped to support for sustained bullish momentum. While the recent retest and defense of the 78.6% Fibonacci retracement level offers some hope, the bearish market structure and declining On-Balance Volume (OBV) indicate challenges for bulls. The article highlights key price levels and technical indicators, including the 20 and 50-period moving averages, liquidity pools, and liquidation charts, to assess BONK's potential short-term trajectory.
Apart from day traders, the rest should be wary of BONK ’s bullish chances until the $0.00004 resistance is flipped to support.Technical analysis showed that there is hope for a price bounce in the short-term. However, it would be a retest of the resistance zone established earlier this month.The 20 and 50-period moving averages were above the price and formed a bearish crossover recently to show that a downtrend was in progress. The drop below $0.
The OBV has been forming lower highs since mid-November. This must be broken for the meme coin to regain its uptrend. Another thing to break was the bearish market structure, and a move past $0.000035 and a higher low thereafter would be the first step.The 1-month lookback period liquidation chart showed a cluster of liquidity at $0.000049. The magnitude of this liquidity pool meant that it was a likely target for BONK in the coming weeks.
Below $0.00004, which was also a significant technical resistance zone, $0.000035-$0.000037 could also oppose the bulls.
BONK Cryptocurrency Price Prediction Technical Analysis Resistance Support
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