Multiple Metrics Suggest Incoming Bullish Rally for BONK Meme Coin: Here's the Outlook

Mammon (@Darco_trading) presented a technical overview of the cryptocurrency BONK, highlighting key price levels and potential patterns that suggest an incoming bullish rally.

Technical analysis suggests that meme coin BONK is gearing up for an incoming bullish rally, according to recent observations. Here's a closer look at the key price levels and potential patterns that hint at a potential surge in BONK's price.

Mammon points out that BONK price had recently filled a large portion of the imbalance and tapped into a marked demand zone. This zone happens to coincide with the 0.618 Fibonacci retracement level, which is a widely recognized critical indicator in technical analysis. Such a level often signals a potential reversal or continuation in price trends.

Moreover, Mammon also highlights a sweep of the liquidity from the previous week's low in BONK's price action, which essentially cleared out stop losses and gathered liquidity for a possible move up.

$BONK

Stumbled upon the Bonk chart since statistics looked good o the daily so did some basic charting but this does also look good on the higher timeframes?

Price filled most of the imbalance and tapped into that demand zone which corresponds with the .618 fib level and price action included a sweep of the liquidity from the previous week's low, gathering liquidity for a possible move up.

Mammon also notes how BONK price had dipped below last week's low, hinting at a liquidity sweep that could have been orchestrated by market makers to trap short positions, setting the stage for a subsequent rise in price.

According to Mammon, following the liquidity sweep,斯克币BONK price has been consolidating near the bottom of the demand zone. This behavior is reminiscent of a “spring” action found in Wyckoff accumulation patterns, where the price briefly dips below support before moving higher. Such consolidation around key support levels hints at a possible breakout, especially as the price shows rejection of lower levels.

Adding to this analysis, Seems Legit Research presents a different perspective on BONK's potential in their examination of a 4-hour chart, outlining two scenarios for the cryptocurrency's future.

Their analysis suggests that if we're looking at a bull market, BONK might be in a double bottom and currently testing a crucial resistance. If the RSI can hold above 50, it could confirm the start of a bullish trend.

On the other hand, if the RSI fails to maintain above 50, it could indicate weakness and potentially lead to a continuation of the downtrend.

Deeper Analysis of the 4-Hour Chart:

Seems Legit Research provides additional insights into BONK's chart, detailing several key aspects:

The chart shows a descending trendline indicating a corrective phase and an ascending trendline acting as support. The price is testing the convergence of these lines, suggesting either a breakout or a rejection could occur.

They highlight that trading volume was low during the weekend, which typically does not favor significant price movements. The volume profile indicates heavy activity between $0.000002200 and $0.000002400, suggesting significant resistance at these levels.

The RSI is at 49.93, testing the 50 level, which serves as a neutral threshold. A potential bullish divergence is forming, indicating a buildup of bullish momentum.

Signs of a double bottom near the support line are evident, suggesting a possible reversal of the downtrend. For confirmation, the price would need to break above the descending trendline and retest higher resistance levels.

With an OBV of 25.67T, there is a lack of significant buying pressure during recent price movements, suggesting that a breakout might face challenges unless volume increases.

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