โญ๏ธ ๐๐ข๐ก๐ ๐๐ฟ๐๐ฝ๐๐ผ๐ฐ๐๐ฟ๐ฟ๐ฒ๐ป๐ฐ๐ ๐ฃ๐ฒ๐ฟ๐ณ๐ผ๐ฟ๐บ๐ฎ๐ป๐ฐ๐ฒ ๐ฎ๐ป๐ฑ ๐ ๐ฎ๐ฟ๐ธ๐ฒ๐ ๐๐ป๐๐ถ๐ด๐ต๐๐
Bonkย (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.
๐บ ๐๐ข๐ก๐ ๐๐ต๐ฎ๐ฟ๐ ๐๐ป๐ฎ๐น๐๐๐ถ๐ ๐ฎ๐ป๐ฑ ๐๐ผ๐บ๐บ๐ฒ๐ป๐๐
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,ย 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.
RSIย at 56 andย CMFย at +0.1 indicate rising buying pressure and strong capital inflows. These indicators, combined with the market outlook, could suggest an emerging bullish trend.
๐บ ๐ง๐ต๐ฒ ๐๐๐๐๐ฟ๐ฒ ๐ผ๐ณ ๐๐ข๐ก๐
Moreover, the range shown inย BONKโsย 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.
