The next few days will be crucial for BONK, one of the market's most popular memecoins. However, a few things need to pan out first...
has been consolidating since 14 July, while obeying a notable converging bullish pattern. On the charts, the pennant was nearing a breakout phase, with the price momentum confluencing at a key resistance level of $0.00002940.. Its market capitalization surged by 5% to $1.97 billion over the aforementioned period too.
The resistance level at $0.00002940 is a key level for BONK’s next move. The price seemed to be in a “wait and see” situation, hovering just below this key level. Investors are closely monitoring this resistance, as a successful breakout could lead to a potential surge in BONK’s price. However, failure to break through could result in a pullback. This resistance level has been tested multiple times, adding to its significance.According to Coinglass, there has been a trend of decreasing social volume. This correlated with its recent short-term correction before the recent 10% rally.
BONK’s whale activity registered a hike too. The percentage of supply by big players with more than $5 million stood at 52% at press time. This may be a sign of a potentially significant move, especially as they have a lot of significance on the market’s direction.Liquidation data from Coinglass revealed moderate liquidation levels for BONK’s price.This suggested that the market is balanced, without excessive leverage.
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