BONK has a bearish outlook in the near-term as selling activity drove prices below the $0.0000188 support and downward momentum swelled...
Momentum was bearish at press time and buyers would need to wait for a deeper dip before trying to go longwas unable to embark on a bullish trend. The wider market sentiment was fearful and buyers were weakened in the short-term. In fact, the lack of demand hurts theWhile traders still have opportunities to make profits, they will have to be patient. September is likely to be a tricky, volatile month with lots of news events that could have a sudden impact on the asset’s price.
The OBV also hinted at seller strength with the indicator struggling to embark on a consistent uptrend over the past month. The higher timeframe charts showed that the Fibonacci retracement level at $0.0000188 was a key level. And yet, market sentiment was fearful and BONK accumulation was not yet underway in earnest. Investors with a lengthy time horizon can be hopeful of a rally in the coming months, but for the next week or two the range-bound price action is expected to persist.AMBCrypto analyzed the liquidation heatmap data for BONK for the past month. It agreed with the range-bound price action. There were two key liquidity pools at $0.0000146-$0.0000161 and $0.0000237-$0.0000253.
This coincided well with the range extremes. The strong magnetic zone to the south is likely to be swept at least partially. Hence, BONK bulls should be looking for buying opportunities around the $0.000015 region. Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinionAkashnath Sumukar works as a Senior Journalist at AMBCrypto. Based in Chennai, India, he has been an avid follower of the cryptocurrency market since Bitcoin’s boom and bust cycle of 2017. A graduate in Chemical Engineering, he is an expert in technical analysis.
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