⭐️ 𝗕𝗢𝗡𝗞 𝗖𝗿𝘆𝗽𝘁𝗼𝗰𝘂𝗿𝗿𝗲𝗻𝗰𝘆 𝗣𝗲𝗿𝗳𝗼𝗿𝗺𝗮𝗻𝗰𝗲 𝗮𝗻𝗱 𝗠𝗮𝗿𝗸𝗲𝘁 𝗜𝗻𝘀𝗶𝗴𝗵𝘁𝘀
Bonk (BONK) positioned itself as one of the best-performing cryptocurrencies last week, impacting its trading volume. According to investors, BONK mirrored the existing bullish belief in the market, but the sentiment quickly declined afterward.
🔺 𝗕𝗢𝗡𝗞 𝗖𝗵𝗮𝗿𝘁 𝗔𝗻𝗮𝗹𝘆𝘀𝗶𝘀 𝗮𝗻𝗱 𝗖𝗼𝗺𝗺𝗲𝗻𝘁𝘀
Based on the rally that occurred at the beginning of March, the Fibonacci retracement level drawn indicates that BONK was trading just below the 61.8% level. This suggested that attempts to surpass $0.0000293 were unsuccessful, leading to potential further losses.
BONK, was clearly rejected at the $0.0000293 level on April 24 and 25, leading to a decline. This level was marked as a significant Fibonacci resistance point at the end of March.
On the other hand, the price pullback in mid-April resulted in the meme coin almost retreating to its lowest levels in February.
The market structure, indicating a higher time frame, could lead to a larger downtrend if prices fall below the potential bottom level of $0.0000176.
Additionally, the formation of a range (purple) could indicate that prices were consolidating before entering an uptrend.
RSI at 56 and CMF at +0.1 indicate rising buying pressure and strong capital inflows. These indicators, combined with the market outlook, could suggest an emerging bullish trend.
🔺 𝗧𝗵𝗲 𝗙𝘂𝘁𝘂𝗿𝗲 𝗼𝗳 𝗕𝗢𝗡𝗞
Moreover, the range shown in BONK’s price chart indicates that the lowest levels for the meme coin were at $0.000014. The liquidation heat map reflects significant liquidation zones at the $0.000021 and $0.0000315 levels.
Consequently, the likelihood of BONK moving towards these levels in the coming period is discussed as being more probable than moving towards the bottom level at $0.000014.
Despite all this, it is essential not to forget that the upcoming Fed interest rate decision and economic developments during the week could impact the market.
