BONK's current stance remains technically bullish, albeit at a critical juncture. Recent price movements reveal a mixed picture, with both bullish breakouts and bearish pressures at play.
Technical Analysis:
BONK recently surpassed a significant barrier ranging between 21,500 and 23,500. Additionally, it continues to maintain positions above key moving averages (50 EMA, 100 EMA, and 200 EMA), indicating technical bullishness. However, after encountering major resistance at 28,500, BONK has been forming lower highs, indicating a loss of momentum.
Short-Term Outlook:
Expect BONK to retrace towards the support range of 22,000 to 21,500, which will serve as a crucial test for its momentum. Failure to gather momentum could lead to a decline below 20,000 and 17,500 levels.
Dependence on Bitcoin:
BONK's performance is closely tied to Bitcoin's strength. Bitcoin's current weakness is a bearish factor for BONK, necessitating a bullish turn in Bitcoin for BONK to regain momentum.
Conclusion:
The most probable scenario is for BONK to find support within the 22,000-21,500 range, but ultimately break below it. Prepare for potential declines to 20,000 and 17,500 levels, although a significant crash is not anticipated at this time.
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