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<p>Mammon (@Darco_trading) presented a technical overview of the cryptocurrency BONK, highlighting key price levels and potential patterns that suggest an incoming bullish rally.</p>
<p><a href="https://x.com/Darco_trading/status/1844656943773667503?t=Vsi8XEjixPL4z-lVu6IOtQ&amp;s=19" target="_blank" rel="noopener noreferrer nofollow">Mammon pointed out that</a> BONK’s price had recently filled much of the imbalance and tapped into a marked demand zone. This zone coincides with the 0.618 <a href="https://www.babypips.com/learn/forex/fibonacci-retracement" target="_blank" rel="noopener noreferrer nofollow">Fibonacci retracement level,</a> which is widely recognized as a critical indicator in technical analysis.</p>
<p>Such a level often signals a potential reversal or continuation in price trends. Moreover, BONK’s price action included a sweep of the liquidity from the previous week’s low, effectively clearing out stop losses and gathering liquidity for a possible upward movement.</p>
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   <p lang="en" dir="ltr"><a href="https://twitter.com/search?q=%24BONK&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$BONK</a><br><br>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<img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f440.png" alt="👀" class="wp-smiley" style="height: 1em; max-height: 1em;"><br><br>Price filled most of the imbalance and tapped into that demand zone which corresponds with the .618 fib level and price… <a href="https://t.co/BAOMs2hp5f" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/BAOMs2hp5f</a></p>— Mammon (@Darco_trading) <a href="https://twitter.com/Darco_trading/status/1844656943773667503?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">October 11, 2024</a>
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<p>The analysis indicated that <a href="https://coinmarketcap.com/currencies/bonk1/historical-data/" target="_blank" rel="noopener noreferrer nofollow">BONK price</a> had dipped below last week’s low, suggesting a liquidity sweep. This event could have been orchestrated by market makers to trap short positions, setting the stage for a subsequent rise in price.</p>
<p>According to Mammon, BONK’s price has been consolidating near the bottom of the demand zone following the liquidity sweep. This behavior is reminiscent of a “spring” action found in Wyckoff accumulation patterns, where the price briefly dips below support before moving higher.</p>
<p>This consolidation around key support levels hints that a breakout may be imminent, particularly as the price shows rejection of lower levels.</p>
<p><strong><em>Read Also: <a href="https://captainaltcoin.com/stacks-stx-and-dogwifhat-wif-to-rally-if-prices-close-above-these-levels-this-week/" target="_blank" rel="noopener noreferrer nofollow">Stacks (STX) and Dogwifhat (WIF) to Rally If Prices Close Above These Levels This Week</a></em></strong></p>
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<h2 class="wp-block-heading" id="insights-on-bonk-price-from-seems-legit-research">Insights on BONK Price from Seems Legit Research</h2>
<p>Adding to this analysis, Seems Legit Research (@SLResearch_) presented a different perspective on BONK’s potential. Their examination of a 4-hour chart outlined two scenarios for the cryptocurrency’s future:</p>
<p><strong>Bull Market Scenario:</strong> They suggested that BONK might be in a bull market, having formed a double bottom. The price is currently testing a crucial resistance level, and if the RSI can hold above the 50 mark, it could confirm the start of a bullish trend.</p>
<p><strong>Rejection Scenario:</strong> Conversely, if the RSI fails to maintain above 50, it could indicate weakness and potentially lead to a continuation of the downtrend.</p>
<h2 class="wp-block-heading" id="deeper-analysis-of-the-4-hour-chart">Deeper Analysis of the 4-Hour Chart</h2>
<p>Seems Legit Research provided additional insights into BONK’s chart, detailing several key aspects:</p>
<p>The chart showed a descending trendline indicating a corrective phase and an ascending trendline acting as support. The price was testing the convergence of these lines, suggesting either a breakout or a rejection could occur.</p>
<p><strong><em>Read Also:<a href="https://captainaltcoin.com/why-is-solar-sxp-price-pumping/" target="_blank" rel="noopener noreferrer nofollow"> Why Is Solar (SXP) Price Pumping?</a></em></strong></p>
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<p>They noted that trading volume was low during the weekend, which typically does not favor significant price movements. The volume profile indicated heavy activity between $0.000002200 and $0.000002400, suggesting significant resistance at these levels.</p>
<p>The RSI was at 49.93, testing the 50 level, which serves as a neutral threshold. A potential bullish divergence was forming, indicating a buildup of bullish momentum.</p>
<p>Signs of a double bottom near the support line were 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.</p>
<p>With an OBV of 25.67T, there was a lack of significant buying pressure during recent price movements, suggesting that a breakout might face challenges unless volume increases.</p>
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<p>The post <a href="https://captainaltcoin.com/multiple-metrics-suggest-incoming-bullish-rally-for-bonk-meme-coin-heres-the-outlook/" rel="noopener noreferrer nofollow">Multiple Metrics Suggest Incoming Bullish Rally for BONK Meme Coin: Here’s the Outlook</a> appeared first on <a href="https://captainaltcoin.com" rel="noopener noreferrer nofollow">CaptainAltcoin</a>.</p>

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

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