- Bonk has been trading in a descending channel for a month
- The liquidation cluster near the tops of the canal could draw the higher price in the coming days
Bonk (Bonk) continued to present a downward facade over the time of a day. During the last month, the level of $ 0.00,00099 was tested twice. This level was crucial support in January 2024. If the prevailing downward trend, the lower 2024 could be exceeded by Bonk bears.
Bonk tries to form a long-term low above the level of support at the beginning of 2024
Source: Bonk / USDT on tradingView
Since March, a descending chain seems to be at stake. The level of the average canal (white in dotted line) has served as resistance and support. The rejection of the canal high on Sunday meant that the level of the average canal would be the next short -term objective.
The RSI climbed above the neutral 50 in last week when the price rebounded compared to $ 0.00,00099. This highlighted a change towards the bullish momentum, but it was not clear if it would remain in place.
Instead, it is more likely that the downward trend would remain in place until a structure rupture can occur on the back of a convincing purchase pressure. At the time of the press, the volume of purchase had not started to rise upwards.
The Obro was flying around its stockings in February and March. It was a sign that despite the price rebound last week, Bonk’s request was absent. Therefore, traders can use all price rebounds to seek to sell the same film.
Source: Coringlass
The thermal liquidation card revealed that there were two importance levels around the market price. The closest was $ 0.0000113, just below the price at the time of the press. Although it is not as dense as that of $ 0.000014, its proximity makes it a probable short -term destination for Bonk. The level of $ 0.000014 coincided with the tops of the canal and could be the target after a retest of support in the middle of the channel.
A rebound in the $ 0,000011 zone could be likely because it had a confluence with support in the middle of the channel. Since the market structure has been down, traders should wait for a price rebound and seek to negotiate with the trend.
Notice of non-responsibility: The information presented does not constitute financial investments, exchanges or other types of advice and is only the opinion of the writer
