BONK Price Retesting with Room for Buyers at Lower Levels

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Experiencing a significant pullback of over 20%, the BONK price trend takes a sharp turn. However, even amid the pullback, there’s a potential reversal in play as the BONK price hints at a retest around $0.000020. If buyers reemerge at this retest point, there’s speculation that the Bonk market price could breach $0.000036.

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As the week comes to a close, the BONK price is experiencing a slight downturn, following a trend of pullback. It seems like a breather phase as buyers take a break. This trend is not unique to BONK; even Bitcoin is facing a dip this weekend. Many altcoins, including BONK, are gearing up for a retest during the weekends to recharge and potentially continue the ongoing recovery rally.

BONK Price Analysis: Optimistic Predictions Amidst Quick Gains

Despite the rapid gains witnessed over the past week and months, fueled by listings on multiple leading exchanges, the Bonk price prediction remains optimistic. The Solana-based meme coin, themed around Doge, continues to dominate discussions in the crypto world this week, generating heightened sentiments and a growing community that is expected to positively impact the coming week.

Source – Tradingview

In the 4-hour chart, the impressive uptrend in the BONK price surpassed the $0.000025 mark, challenging the $0.000036 resistance. However, facing a sharp rejection at higher levels due to buying pressure exhaustion, the meme coin undergoes a quick reversal.

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Marked by a long wick formation and an evening star pattern, the BONK crypto price falls below the $0.000025 mark. Despite this, the sideways-moving trend with long-range candles at $0.000025 suggests a potential bounce-back opportunity if buyers regain footing.

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However, with low volumes over the weekend and corrections in the broader market trend, the likelihood of a reversal in BONK price before a retest appears minimal.

Technical Indicators:

RSI: In the 4-hour chart, the RSI line indicates a short-term pullback and signals a breather phase. As the BONK crypto undergoes correction, the RSI suggests a minor increase in selling momentum. Nevertheless, the overall trend remains positive, with the momentum indicator portraying the ongoing correction as a potential setup for a retest.

BONK Crypto Price Analysis: Market Dip and Potential Retest

Amidst a general market downturn, the Solana-based meme coin, BONK crypto price, experiences a significant 24% drop, revisiting the $0.00025 mark. However, trading at $0.000024793, it forms a Doji candle with a 3.14% intraday gain, indicating potential indecision in the market.

In the 4-hour chart, the trend-based Fibonacci levels suggest a potential retest at the $0.000020 mark. On the positive side, the uptrend could extend to reach the $0.000053 mark, providing potential areas for both retracement and advancement.


Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

 

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  • SHBAZ

    A crypto enthusiast, Loves to write, Loves to explore and stay up-to-date about the latest developments in the crypto world. #Btc #Crypto #NFT

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