Despite the BONK showing short-term downward momentum, a convergence of factors hints at a potential bullish reversal ahead. What is the key for traders? Analysis of the trends to watch.
BONK is currently trading in a support zone that launched its recent rally to $0.00004 in July. However, since last month’s highs, this meme cryptocurrency has dropped by 44%. With Bitcoin’s bearish trend in the short term, BONK traders must remain vigilant in the face of potential further losses.
Bitcoin dominance has decreased in recent weeks, falling below a support zone dating back to September 2020. A sustained decline in BTC.D would be beneficial for the altcoin market, including BONK. This would mean that the market capitalization of altcoins could increase more rapidly than Bitcoin’s, reflecting an influx of capital toward altcoins.
On the daily chart, BONK’s internal structure is bearish, with new lows in August. However, the cryptocurrency is trading at a bullish resistance level since May, indicating potential support at $0.0000225. Fibonacci retracement levels show a key support zone at $0.000226, reinforced by the 100-day moving average. Investors should watch for a possible bullish reversal, although the recent decrease in trading volumes remains concerning.
Despite BONK’s bearish momentum in the short term, technical analysis reveals several elements that could support recovery potential in the near future. Crypto traders will need to remain attentive to trading volume evolution and Bitcoin market trends to evaluate the best opportunities.
BONK is well-positioned to be one of the memecoins that could potentially outperform the market in 2025. With solid support despite selling pressure, the token offers excellent return prospects.
Here’s how to take advantage by buying before its major explosion in the coming months:
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