Bonk crypto pushed by strong demand: Is a move beyond $0.000025 next?
- The weekly timeframe confirmed a bearish construction, and $0.000026 should be flipped to help to vary this.
- The excessive demand for BONK meant {that a} transfer past the Might excessive was potential later this month.
Bonk [BONK] has seen elevated demand and powerful bullish sentiment in current days.
Coinalyze data revealed that the memecoin noticed a 4% value hike over the previous 24 hours, however an 8% enhance in Open Curiosity. The speculative exercise was one other market of bullish energy.
The value motion of Bitcoin [BTC] was more likely to have an effect on the altcoin market, together with the memecoin sector. A drop beneath the $107.3k degree may flip the short-term market expectations bearishly.
If the king coin continues to pattern sideways or greater, there’s a good probability BONK would possibly be capable to problem and surpass the native highs.
BONK crypto fees towards Might highs
Supply: BONK/USDT on TradingView
The transfer past $0.000018 on the fifth of July was the primary true signal of restoration.
In a current report, AMBCrypto highlighted the bullish short-term expectations for BONK. This has come to cross, evidenced by the robust rally past the $0.00002 round-number resistance.
The OBV soared previous the highs from Might, and the buying and selling quantity bars confirmed exceptional every day buying and selling volumes over the previous few days.
This surge in demand may push BONK crypto costs towards the $0.000025 degree, the worth excessive from Might. The Fibonacci ranges confirmed that the 23.6% extension degree at $0.0000298 was a viable value goal for the bulls.
Nevertheless, merchants and buyers should keep in mind that the weekly chart was bearish, till the $0.000026 area may very well be flipped to help.
The liquidation heatmap confirmed the expectations from the worth chart. The $0.0000256-$0.0000262 area was a sizeable magnetic zone.
The focus of liquidation ranges right here meant {that a} bearish reversal was a risk.
For the reason that demand and momentum behind the bulls have been robust, the liquidity cluster overhead would possibly solely trigger a minor pullback earlier than one other try to maneuver greater.
Due to this fact, BONK merchants already in lengthy positions may look to take earnings round $0.000026 and watch for value motion to develop earlier than making their subsequent transfer.
Disclaimer: The knowledge offered doesn’t represent monetary, funding, buying and selling, or different kinds of recommendation and is solely the author’s opinion
