Bonk (BONK), which has increased by around 20 percent in the last 24 hours, may face the risk of a pullback due to its inability to reach sufficient purchasing volume.
Donald Trump’s victory in the US presidential election had a significant bullish effect on altcoins. Most altcoins gained between 20% and 30% from their support levels. The memecoin BONK on the Solana blockchain also joined this rally, showing a 20% increase due to Trump’s influence.
BONK Price Analysis and Short-Term Pullback Signals
According to the BONK analysis published by AMBCrypto, pullback signals are observed in the popular altcoin. The analysis included the following statements:
“While the effects of the US presidential election on Bitcoin (BTC) price are being discussed, the upward trend of BTC is expected to be reflected positively in alternative cryptocurrencies such as BONK. However, short-term price fluctuations may be a source of concern for investors.”
BONK, which fell below the important support level about a week ago, lost 15 percent in three days. However, the analysis made for the memecoin, which started to gain after Trump's victory, reveals that the situation may be complicated. BONK, which was traded between $ 0.0000197 and $ 0.0000241 in October, fell below these levels in November. According to Fibonacci analysis, BONK found support at $ 0.0000174 and seems to have gained strength here.
AMBCrypto stressed that the positive outlook could be misleading, stating:
“BONK’s daily close above $0.0000227 could be a strong signal that the rally could continue. However, the On-Balance Volume (OBV) indicator is still in a downtrend.”
The analysis also stated that the $0.0000231 and $0.0000262 levels were identified as potential upside targets. If BONK cannot reach these levels, a pullback to $0.00002064 is expected.