Bonk rate forecast: What’s in shop for traders after a 30% drop from ATH?

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Published: November 28, 2024

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• BONK has a bullish long-lasting outlook.
• Financiers require to be gotten ready for a much deeper retracement which might take a couple of weeks to play out.

Bonk [BONK] saw a significant retracement in current days. From its all-time high at $0.0000607, the meme coin has actually fallen 30% in the previous 7 days. The Bitcoin [BTC] rejection from the $99k location has actually pulled the altcoin market down.

Now, BONK was quick approaching a crucial assistance zone at $0.000039. The technical indications revealed that bulls may be able to stop the bears’ attack.

Bonk cost forecast- bulls to take control of after retest?

Source: BONK/USDT on TradingView

The transfer to $0.00006 and the subsequent retracement in November saw the Awesome Oscillator rise beyond any highs it made in the previous 12 months. This revealed the bullish momentum previously this month was extreme, however likewise opened the course for increased volatility.

The Fibonacci retracement levels outlined based upon the current rally revealed that $0.0000389, $0.0000338, and $0.0000265 were the next considerable assistance levels in the coming weeks. A transfer to these levels would likely provide a purchasing chance.

The A/D sign has actually been trending downward over the previous 10 days to show increased offering pressure. The Awesome Oscillator likewise revealed weakening bullish momentum.

The 20 and 50-period moving averages are likewise anticipated to function as assistance.

Will BONK move higher, where liquidity swimming pools are more powerful?

The liquidity clusters around and above $0.00005 are strong magnetic zones that are most likely to pull rates higher. The existence of the closer liquidity pockets at $0.0000394 and $0.0000366 might see BONK dip in the coming days.

Is your portfolio green? Inspect the Bonk Profit Calculator

The long-lasting BONK rate forecast is strongly bullish. In the next week or 2, it is possible that the rate of the meme will drop towards $0.0000366. It might fall even further if Bitcoin deals with a correction listed below $89k.

Disclaimer: The info provided does not make up monetary, financial investment, trading, or other kinds of suggestions and is entirely the author’s viewpoint

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