BONK Price Prediction - How likely is it that the market bulls will break through this level?

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From November 20 to December 20, BONK fell by 59%. This steady downward trend has seen considerable sell-offs on certain days, such as December 9, when Bitcoin [BTC] broke below the $100,000 mark.

Since then, the memecoin has struggled to hold key support levels. In fact, the latest BTC correction has pushed BONK towards another important support level of $0.0000265.

BONK's daily RSI is at 44, below the neutral 50, emphasizing bearish momentum. OBV has also recorded a series of lower highs and lower lows over the past month. Coupled with a steady decline since mid-November, it highlights that bears still have the upper hand across the market.

The recent drop has forced the memecoin to retest the 78.6% Fibonacci retracement level of $0.0000264, but daily closing prices have not dipped below this level. Since hitting a local low of $0.0000248 last Friday, the price of this altcoin has risen by 39%.

The $0.00004 region was once a support level but has recently turned into a resistance level. It is expected to be a strong resistance level again. A daily closing price above $0.0000394 would reverse the daily market structure, bullish for the market.

The two-week review liquidation heatmap shows a considerable concentration of liquidation levels around the $0.00004 resistance zone identified on the daily chart.

AMBCrypto has found that liquidity to the south is also relatively scarce. Therefore, the likelihood of retesting this resistance level in the coming days is high.

The 24-hour liquidation heatmap shows a potential range forming between $0.0000322 and $0.000035. Thus, the liquidity accumulated around $0.000035 in recent days may experience a short-term bearish reversal.

However, the magnetic area near $0.00004 appears to be much stronger. Even if prices drop in the next day or two, the target for next week will still be the resistance level of $0.00004.

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