Bonk [BONK] emerged as a standout meme coin that remained resilient during a period of heightened selling pressure across the market. Despite a significant short-term drop, BONK rebounded swiftly as bullish sentiment prevailed.
Following this surge in buying activity, Bonk coin managed to recover by 10.8% post-dip. However, a key resistance level, unbreached since July, could potentially pose a challenge for the bulls. The question remains: will they manage to surpass this obstacle in the near future?
Potential Breakout and Retest Signals Optimism
Despite the recent market-wide downturn, Bonk coin demonstrated notable resilience. Amidst the panic selling witnessed over the past three days, BONK retraced former range highs and sustained its upward trajectory.
As of the latest data, the token was exchanging hands at $0.0000248, hovering just below the critical $0.000025 resistance level.
Despite the prevailing bullish momentum for Bonk coin in recent weeks, it’s essential to acknowledge the overarching downtrend on higher timeframes. This trend is underscored by resistance levels based on Fibonacci retracement at $0.000025 and $0.0000293.
The Relative Strength Index (RSI) currently sits at 73, with the potential for a bearish divergence if it fails to break past 74.69 in the approaching days. Such a scenario could serve as an early indication of a local peak, signaling an imminent retracement.
Anticipating Upside Momentum Based on Liquidation Heatmap
Analysis of the liquidation heatmap over the past fortnight indicates that the $0.0000263 threshold emerges as the next short-term objective for Bonk coin. Despite recent market volatility, BONK remains relatively unscathed, with indicators strongly favoring a bullish outlook.
In the event of a rejection around $0.0000252 and a subsequent short-term downtrend, attention shifts to the $0.0000211 support zone to the downside.
According to CryptoCrypto’s analysis, a move towards $0.0000263 and beyond is the anticipated scenario for the week ahead.
Disclaimer: The views expressed are not intended as financial, investment, trading, or any form of advice, but rather represent the writer’s personal perspective