bullish

Delta

Bonk

<ul class="wp-block-list">
 <li>BONK drops 30% as profit-taking hits, but key levels suggest potential for recovery.</li>  
 <li>Support found at 50% Fibonacci level and 50-day SMA if price drops below $0.000039.</li>  
 <li>Declining demand and whale de-risking could slow recovery; key levels and whale re-entry matter.</li> 
</ul>  
<p><a href="https://cryptonewsland.com/why-bonk-bonk-is-emerging-as-a-promising-solana-token-for-nft-enthusiasts-and-investors/" rel="noopener noreferrer nofollow">Bonk (BONK)</a> dropped 30% this week as profit-taking took over after reaching a new all-time high of $0.000062. While the decline is significant, certain levels could signal a potential recovery. Traders are watching closely to see if bulls can regain momentum. Here’s what to look for in the coming days.</p>  
<h2 class="wp-block-heading" id="h-bonk-s-pullback-and-key-support-levels">BONK’s Pullback and Key Support Levels</h2>  
<p>BONK’s price pullback stopped just short of hitting the -61.8% Fibonacci level. Although this level isn’t critical, the pullback created price imbalances. Two key price zones could offer strong support for bulls. The first imbalance sits above the 23.60% Fibonacci level.</p>  
<p>The second is at the 50% Fibonacci retracement, which aligns with the 50-day Simple Moving Average (SMA). If the price drops below $0.000039, this 50% level could act as strong support. If <a href="https://cryptonewsland.com/analysts-bullish-on-bonk-bonk-shiba-inu-shib-and-retik-finance-retik-for-5000-returns-heres-why/" rel="noopener noreferrer nofollow">bullish momentum</a> returns, these levels could be key re-entry points. However, short sellers may delay a recovery if they continue to take profits.</p>  
<h2 class="wp-block-heading" id="h-demand-decline-and-whale-activity-could-slow-the-rebound">Demand Decline and Whale Activity Could Slow the Rebound</h2>  
<p>Earlier in November, rising spot market demand drove the rally, shown by a sharp increase in the <a href="https://www.tradingview.com/support/solutions/43000725058-cumulative-volume-delta/" rel="noopener noreferrer nofollow">Cumulative Volume Delta (CVD)</a>. But now, both spot and futures market demand has fallen. Open Interest (OI) and CVD are moving lower, showing weak demand.</p>  
<p>This could make a quick recovery more difficult. Another bearish signal is the activity of whales on <a href="https://www.binance.com/en" rel="noopener noreferrer nofollow">Binance</a>. Since mid-November, whales have been reducing their long positions. This shift has been reflected in the Whale vs. Retail Delta, showing fewer large players in the market.</p>  
<p>When whales pull back, price action often slows or consolidates. For a price reversal, traders should watch key support levels and whale activity. If whales re-enter the market, it could signal a bullish comeback. Without that, the price may stay muted in the short term.</p>   
<p>The post <a href="https://cryptonewsland.com/bonk-falls-30-as-profit-taking-hits/" rel="noopener noreferrer nofollow">BONK Falls 30% as Profit-Taking Hits: Are Bulls Ready for a Comeback?</a> appeared first on <a href="https://cryptonewsland.com" rel="noopener noreferrer nofollow">Crypto News Land</a>.</p>

BONK Falls 30% as Profit-Taking Hits: Are Bulls Ready for a Comeback?

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