BONK rebounded quickly after breaking the support level, and strong demand may drive the price up!
In fact, BONK's trend is similar to other well-known cryptocurrencies, reflecting market sentiment.
From the technical and support level point of view, although BONK once fell below the support level of $0.00001815, it quickly rebounded, indicating that demand is still strong.
The Aroon indicator sends mixed signals, showing strong upward momentum on the upside and less downward pressure on the downside. This divergence may mean a price reversal, but the Aroon rising line needs to continue to rise to confirm the upward trend.
The relative strength index RSI is 41.11, although it has recovered from oversold, it is still below the neutral level of 50, indicating that the market is not fully optimistic yet.
The momentum oscillator AO is still negative, but the histogram shows that the downward momentum has weakened. If the bar chart continues to improve, it may usher in an uptrend.
In terms of price, BONK recently fell to $0.00001815 and then rebounded to $0.00002105, regaining the previous support level, suggesting that the price may continue to rise.
If BONK can hold the $0.00002061 support level and rise to the $0.00003391 resistance level, the price will rise by 64.56%. If it rises further to the second resistance level of $0.00004440, the increase will be even greater.
Open interest rose by 11.22% to $7.16 million, indicating that investors are more confident about the price rise.
In terms of liquidation trends and market sentiment, short liquidations increased significantly in early March, exceeding $4 million, and BONK prices fell sharply. However, the recent stable liquidation levels, balanced long and short activities, and reduced price volatility may mean that the market will enter a consolidation period.
In fact, BONK has formed a symmetrical triangle pattern, which usually indicates consolidation before a breakout. It is worth noting that at the time of writing, BONK has reversed some of its losses on the chart, but technical indicators still show that this may be only temporary.
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