BONK Meme-Coin’s Short-Term Trend Remains Bullish Despite Price Fluctuations
What Do Buyers Expect from BONK? A Price Forecast
BONK, a meme-coin, has shown impressive performance on the price charts over the last two weeks. With a rise of 325% from November 27 to December 9, followed by a correction of 33%, many are wondering if it can hold its recent gains.
The Current Situation of BONK
At the time of writing, the support level of the lower time range is at $0.0000117 and a consolidation zone is still under bullish control. This means that the short-term tendency of BONK is bullish. Although the market seems to be overbought, it would be risky to bet against this meme-coin.
The rally of the past two weeks has been used to create a series of Fibonacci retracement levels. The 50% retracement level is at $0.0000092. Above that is the consolidation zone of the lower time range, which BONK marked on the price charts on December 7.
The Technical Analysis of BONK
The RSI remains above the neutral 50 level on the 4-hour chart. The On-Balance Volume has also risen above the local high of last week, indicating a rising buying volume. Therefore, a revisit of the $0.00001 zone would represent a buying opportunity. Bullish targets are $0.0000149 and $0.0000219, which are Saturday’s high and the 61.8% Fib extension level.
The Market Sentiment for BONK
The financing rate of the meme-coin remains in the positive area on Binance. This suggests that traders are more inclined to buy the asset than to sell it. However, the open interest tells a slightly different story.
The open interest started to decline on December 9, as the BONK bears pushed prices down. Although the coin is still in an uptrend, the decline in open interest and prices showed that the bullish sentiment has significantly decreased.
Conclusion
Despite recent price volatility, BONK appears to be able to hold its gains. The technical indicators remain positive and the market sentiment is still bullish despite the recent correction. However, investors should always be cautious and base their investment decisions on thorough analysis and risk management.
Sources: TradingView, Coinalyze.
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