BONK : Does a Liquidation Signal an Imminent Bullish Reversal ?
While BONK fell 18% from Wednesday’s high, the memecoin immediately rebounded by over 16%. Currently trading at $0.000035, it records a 3% gain for July 24th.
This rebound comes after a liquidation below the bullish trendline, which triggered long position liquidations and forced panic selling among investors. Now, BONK has reclaimed its trendline and could target $0.000045 soon if it maintains above this level.
Indeed, these downside liquidations are typically used by smart money to accumulate before pushing to higher levels. The next resistance levels are at $0.0000375 and $0.000040.
The CMF indicator confirms this potential accumulation with a bullish divergence, signaling buying pressure despite the price drop in recent days. In other words, whales have seen this as a buying opportunity.
A Bullish Long-Term Structure
Furthermore, as trader ChartFu points out, BONK has successfully held the upper band of its ascending channel on the daily chart. This sign of resilience could transform into an explosive catalyst during Bitcoin’s next rally.
The revenue generated from fees on Bonkfun is also increasing and now exceeds 5x that of Pumpfun. A portion of these fees is used to buy BONK, creating buying pressure and reinforcing this resilience.
In this context, TheUnipcs, known for his legendary long position on BONK, declares that BONK is the “new Hype-Trade.”
In conclusion, only a Bitcoin drop below $114,500 could delay or prevent BONK’s rise at this level. From fundamentals to technical aspects, the asset displays clear bullish signals.
How to Buy BONK on Bitget ?
In the short term, BONK could increase by 30% in the coming days and might even reach a $20 billion market cap in the coming months.
To ride the Bonkfun wave, here’s a guide to acquiring the memecoin on Bitget :
- Create a Bitget account : Visit the official Bitget website or download the mobile app. Sign up with your email or phone number, then complete identity verification (KYC).
- Deposit funds : Log in and access the “Deposit” section. Add fiat currencies (EUR, USD, etc.) via bank card or SEPA transfer, or transfer cryptocurrencies from your wallet.
- Buy BONK : Navigate to the “Quick Buy” or “Spot Market” section. Select the BONK/USDT pair, enter your desired amount, and confirm the purchase, with limit order options available.
