Altcoin

Will Bonk Coin surpass July’s high in October? Technical indicators suggest…

Published

12 months ago

October 2, 2024

DCS Team

Credit : ambcrypto.com

BONK has a powerful bullish short-term outlook.
The potential for a bearish divergence may trigger volatility and a value drop within the coming days.

Bonk [BONK] was one of many widespread meme cash that held up nicely whereas many of the market confronted rising promoting strain. BONK additionally noticed an enormous short-term dip, however the bulls rapidly purchased it.

This inflow of purchases induced the Bonk coin to rise 10.8% after the dip. A resistance stage that has not been breached since July hampered the bulls. Will they attain this stage quickly?

Vary breakout and retest enhance bullish hopes

Supply: BONK/USDT on TradingView

The Bonk coin confirmed outstanding energy regardless of the market-wide value decline over the previous three days. This panic promoting induced BONK to retest the earlier vary highs and proceed its uptrend.

On the time of writing, the token was buying and selling at $0.0000248, slightly below the $0.000025 resistance stage.

Regardless of the sturdy bullishness of the Bonk coin in latest weeks, it needs to be remembered that the pattern within the greater timeframe is downward. That is illustrated by the Fibonacci retracement stage resistances at $0.000025 and $0.0000293.

The RSI stood at 73 however risked forming a bearish divergence if it doesn’t climb previous 74.69 within the coming days. If this occurs, it may very well be an early sign of an area prime and an impending retracement.

The liquidation heatmap reveals an upside goal

Supply: Mint glass

The liquidation heatmap of the previous two weeks confirmed that the $0.0000263 zone is the following short-term goal for the Bonk coin. The technical indicators had been strongly bullish and the latest volatility that rocked the market didn’t impression BONK an excessive amount of.

READ Expert tips for even greater heights ahead

Practical or not, right here is BONK’s market cap in BTC phrases

Though unlikely, within the occasion of a rejection at $0.0000252 and a short-term downtrend, the $0.0000211 is the following magnetic zone to the south.

AMBCrypto’s evaluation confirmed {that a} transfer in direction of and past $0.0000263 is the expectation for this week.

Disclaimer: The knowledge offered doesn’t represent monetary recommendation, funding recommendation, buying and selling recommendation or some other type of recommendation and is solely the opinion of the author