The meme sector has been adjusted for more than a week. This round of bull market has made most people rich, whether it is pepe, bome, or floki.

So, the latest sentiment indicates that the time for the next round of accumulation is coming.

And this coin will lead the way.

1. Technical analysis of BONK shows recovery potential

In the past few months, BONK has experienced huge price fluctuations. Since the end of May, the cryptocurrency has fallen by nearly 47%, stabilizing near the key support level of $0.00002260. This support line has been revisited several times in recent months, indicating that it may enter the accumulation phase. In addition, the rising trend line support level converges near $0.00002206, which may push BONK towards the next resistance level of $0.00002940.

Market sentiment and capitalization

As of the latest data, BONK has a market value of $297 million, down 3% in the past 24 hours.

In-depth analysis of the data shows that whales holding more than $5 million worth of stablecoins are increasing their holdings. Such trends often indicate growing confidence among large investors and can lead to significant price swings. As large holders accumulate BONK, market dynamics may change, increasing overall buying pressure and potentially pushing prices higher.

Further examining the liquidity graph, we see a large amount of activity around $0.0000238 and $0.0000247. These high liquidity areas may attract traders and act as price magnets, providing possible targets for price movement. The large volume and leverage points listed in the liquidity graph further strengthen the prospects of price increases.

Strategic Considerations: Buy on Dips

This period may offer a buying opportunity for BONK considering the current technical indicators and overall market sentiment. The Stochastic RSI reveals oversold conditions for the coin, suggesting a possible reversal in the market. Additionally, the MACD’s negative closing line hints at a possible shift from bearish to bullish. However, there is an immediate focus on the critical support level of $0.00002260.

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It is a bull market now, and we have the opportunity to share passwords every day.

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