Bonk's 9-month consolidation breakout: will momentum continue after ATH?
Bonk's 9-month consolidation breakout: Will momentum continue after ATH?
#Bonk breaks the massive wedge pattern and reaches a new ATH.
The BONK/USDT permanent futures contract liquidation chart showed a significant price range. The OI-weighted BONK derivatives funding rate confirms that long-term traders are in control.
Bonk's price movement marked a strong breakout from the downtrend that had limited movement for nine months.
While this long-term consolidation was taking place, the currency fluctuated. However, in recent weeks, the Bonk has broken through previous peak levels and set new all-time highs.
This breakout represents a sharp uptrend, indicating a deviation from the previous downtrend and wedge resistance levels.
The EMA (200-day moving average) showed that after several touches and deviations from this moving average, the BONK finally got back on its feet.
This move indicates a strong buying momentum and a potential change in market sentiment from bearish to bullish. This ratio shows that the number of rally participants increased due to the strength of the breakout.
Given this momentum and the successful breakout of the previous resistance, which turned into support, BONK's outlook looks optimistic.
If Memcoin maintains its current trajectory above the critical EMA line, it is likely that this surge will continue.
This promising pattern suggests that Bonk will continue to grow and may reach a higher peak in the coming months.
The BONK liquidity surge map for the past week showed that key liquidity zones were identified around the 0000045 and 0000005 price levels. The high concentration indicates increased trading activity and the placement of a large number of stop-losses and clearing points.
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