- BONK showed a bullish breakout as Bitcoin also surged above the $70,000 resistance.
- With overall market sentiment turning bullish, BONK could embark on another strong rally.
Bonk [BONK] It managed to break through the highest price in two months. In doing so, the company turned the market structure in a bullish direction in his daily time frame. As noted in previous AMBCrypto analysis, buying pressure was not strong.
The $0.0000315 zone was noted as a liquidity pocket that could see a bearish reversal. Currently, the price is trading there, but what is the price prediction for the next few days based on Bonk’s technical indicators?
Momentum was in the bulls’ favor, but volume was not.
Source: BONK/USDT on TradingView
The breakout above the high of the range was very encouraging. In the case of Bitcoin [BTC] The $70,000 resistance level was also broken, indicating an overall market rally and a change in sentiment.
BONK’s daily RSI showed strong upward momentum. OBV was slowly rising, but trading volume was overwhelming. Volume was small compared to the rally in late February.
Therefore, the bullish prediction of BONK price heading towards highs of $0.0000477 could be wrong. Liquidation level graphs can better reveal short-term sentiment and liquidity.
Liquidity hunting is likely to occur in the short term
sauce: high block
The cumulative liquidation level delta was very positive. Typically, this is a signal that a southward move is likely to target late long entries in overleveraged stocks.
Whether it’s realistic or not, BONK’s market capitalization in BTC terms is as follows:
There was a large cluster of liquidation levels at the $0.0000301 and $0.0000272 levels, which were also significant based on price movements.
The $0.0000289 to $0.0000295 cluster was also an interesting area. Therefore, these are the levels that BONK is expected to test within the next 24-48 hours.
Disclaimer: The information presented does not constitute financial, investment, trading, or any other type of advice and is solely the opinion of the author.
