- BONK has a bullish long-term outlook.
- Investors need to be prepared for a deeper retracement which could take a few weeks to play out.
Bonk [BONK] saw a hefty retracement in recent days. From its all-time high at $0.0000607, the meme coin has fallen 30% in the past seven days. The Bitcoin [BTC] rejection from the $99k area has pulled the altcoin market down.
Now, BONK was fast approaching a key support zone at $0.000039. The technical indicators showed that bulls might be able to halt the bears’ attack.
Bonk price prediction- bulls to take over after retest?
Source: BONK/USDT on TradingView
The move to $0.00006 and the subsequent retracement in November saw the Awesome Oscillator surge beyond any highs it made in the past 12 months. This showed the bullish momentum earlier this month was intense, but also opened the path for heightened volatility.
The Fibonacci retracement levels plotted based on the recent rally showed that $0.0000389, $0.0000338, and $0.0000265 were the next significant support levels in the coming weeks. A move to these levels would likely present a buying opportunity.
The A/D indicator has been trending downward over the past ten days to reflect increased selling pressure. The Awesome Oscillator also showed weakening bullish momentum.
The 20 and 50-period moving averages are also expected to serve as support.
Will BONK move higher, where liquidity pools are stronger?
The liquidity clusters around and above $0.00005 are strong magnetic zones that are likely to pull prices higher. However, the presence of the closer liquidity pockets at $0.0000394 and $0.0000366 could see BONK dip in the coming days.
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The long-term BONK price prediction is firmly bullish. Yet, in the next week or two, it is possible that the price of the meme will drop toward $0.0000366. It could fall even further if Bitcoin faces a correction below $89k.
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion
