🔥🔥$BONK TECHNICAL ANALYSIS🔥🔥

✅With the background of previous price rejections to higher values, $BONK is coming down, and it looks like it is coming down fast.

✅We can see yesterday candle is a long bearish candle with higher volume suggesting that sellers are in control and are committed to push the price lower.

✅Now the prce has reached the SNR line below and it got rejected earlier. But now again, it has got engulfed meaning sellers were able to overwhelm the buyers.

✅If this price action continues, the price will fall below the SNR level and have a chance to drop even below.

✅If buyers enter the market and could absorb all the selling, we should see a 'Hammer' candle formation with higher volume suggesting if this price action.

✅So, its a waiting game for retail traders now.

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