On November 12th, Bonk [BONK] saw a significant 39.26% surge, with its value peaking at $0.00004 before retracting by 17.46% over the following ten hours. There are indications that the downward trend may continue, as suggested by the liquidation heatmap projecting a further 6.5% drop.
Despite this potential downturn, with Bitcoin [BTC] currently in a phase of price discovery, any decreases in BONK’s value could present lucrative buying opportunities. According to Bernstein Research, crypto investors are advised to “acquire as much as possible.”
BONK Hits 100% Fibonacci Extension Target Successfully
The On-Balance Volume (OBV) surged beyond previous local highs from late September as the meme coin broke out of a six-week trading range. A breach below the range’s lower limits occurred in early November.
Recent events, including the election of a pro-crypto U.S. president, have significantly boosted market optimism across various assets.
The Relative Strength Index (RSI) was in a phase of readjustment after peaking at 81 on the daily chart, a level previously observed in March 2024. During that time, BONK recorded a 333% surge over nine days. The recent surge from the range breach saw a 133% increase in eight days before the correction began.
Short-Term BONK Price Forecast – Anticipating a Deeper Retracement
Analysis using a one-week liquidation heatmap highlighted the $0.0000307 and $0.0000345 levels as crucial support zones for BONK. There is a possibility of a more significant decline to $0.0000276, particularly if BTC’s value drops below $85.5k.
Although further gains are probable, the exact timing of such movements remains uncertain. Bitcoin saw a 34% increase in a week and was consolidating around $87k at the time of writing.
Disclaimer: The content provided herein is not to be construed as financial, investment, or trading advice, and represents solely the views of the author.