BONK Price Could Face 40% Crash, Despite Bullish Divergence

Bonk (Bonk), the favored Solana-based meme coin, is about to an enormous worth crash. These Bearish prospects come up throughout a interval during which giant cryptocurrencies expertise large sale and worth accidents.

BONK Technical evaluation and the approaching stage

In keeping with the technical evaluation of specialists, Bonk appears Bullish, however is at the moment on a Make-Or-Break stage of $ 0.0000095. The every day graph reveals a number of bullish alerts, reminiscent of bullish divergence and the formation of a bullish worth sample with double backside.

Nonetheless, the present market sentiment and the downward momentum in giant belongings reminiscent of Bitcoin (BTC) and Ethereum (ETH) appear to affect different cryptocurrencies, particularly with a small market capitalization reminiscent of Bonk.

Primarily based on latest worth motion and historic momentum, this key stage has persistently supported robust help. Since December 2023, Bonk has skilled a number of upward actions after bouncing this stage. Within the meantime, specialists and merchants additionally count on an identical step within the Meme Munt.

Given the present unfavorable market sentiment, nonetheless, Bonk’s Bullish prospect appears to be a problem.

The every day graph reveals that if Bonk doesn’t maintain this stage and a every day candle closes beneath $ 0.0000088, it may fall by 38% to realize the subsequent help at $ 0.0000055 sooner or later. Nonetheless, if the meme coin holds this stage, there’s additionally a risk that historical past will repeat and Bonk will once more see an upward rally.

Bonk worth and quantity lower

On the time of the stress, Bonk is close to $ 0.000009677 and has registered a worth lower of greater than 5.50% within the final 24 hours. Within the meantime, the commerce quantity fell by 55percentin the identical interval, indicating a decrease participation of merchants and buyers, probably as a result of present market sentiment.

Merchants Slim Bearish on Bonk

Given the robust Bearish market and the downward momentum in Bonk, merchants appear to be actively dominating by closely betting on the bearish aspect, as reported by the on-chain analytics firm Coinglass.

Knowledge reveals that merchants are used an excessive amount of for $ 0.0000095 on the backside (help), the place solely $ 11.30k of lengthy positions is constructed. $ 0.0000001062, alternatively, is a distinct over-dog stage on the prime (resistance), the place merchants have constructed $ 271.30k of brief positions.

When investigating this on-chain statistics, it appears that evidently brief sellers are at the moment dominating, with a minimal curiosity in getting bonk for a very long time. This will simply push the meme coin decrease and result in a violation of its help stage.