Bonk (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.
BONK Chart Analysis and Comments
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, 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.
RSI at 56 and CMF at +0.1 indicate rising buying pressure and strong capital inflows. These indicators, combined with the market outlook, could suggest an emerging bullish trend.
The Future of BONK
Moreover, the range shown in BONK’s 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.
Finally, looking at BONK’s price, as of the time of writing, it found buyers at the $0.00002536 level after a 1.43% increase, reflecting in the market volume which surpassed $1.65 billion. The trading volume, however, decreased to $310 million.
