BONK’s RSI and OBV indicators have shown a significant bearish trend over the past month, with a 59% decline from 20 November to 20 December. This downward trajectory was fueled by substantial selling volume on specific days, particularly on 9 December when Bitcoin faced resistance at the $100k level.
Following the market sentiment, BONK struggled to maintain crucial support levels, eventually dropping to a vital support level at $0.0000265 after the recent Bitcoin correction. Despite this, BONK bulls have been making efforts to break past the $0.0000338 resistance level.
The daily RSI for BONK currently stands at 44, indicating bearish momentum as it remains below the neutral 50 mark. Additionally, the OBV has been showing a pattern of lower highs and lower lows over the past month, signaling continued bearish pressure in the market.
After retesting the 78.6% Fibonacci retracement level at $0.0000264 and bouncing back from local lows at $0.0000248, BONK’s price has surged by 39%. The key resistance zone at $0.00004, which previously served as support before flipping to resistance, is likely to pose a significant challenge once again. A daily close above $0.0000394 could potentially shift the market structure towards a bullish trend.
The liquidation levels around the $0.00004 resistance zone, as indicated by the 2-week lookback period liquidation heatmap, suggest a concentration of liquidation levels in that area. This reinforces the likelihood of a retest of the resistance level in the near future, with relatively sparse liquidity to the downside.
Similarly, the 24-hour liquidation heatmap points to a potential range formation between $0.0000322 and $0.000035, indicating a possible short-term bearish reversal. However, the strong magnetic zone around $0.00004 remains a significant target for the coming week, even in the event of a temporary price dip.
In conclusion, while short-term fluctuations may occur, the overall outlook for BONK suggests a potential move towards the $0.00004 resistance level. It is essential to consider these technical indicators and market dynamics when making trading decisions. Please note that the information provided is based on analysis and does not constitute financial advice. the perspective of a dog owner about the benefits of owning a pet.
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