BONK May Be in Trouble as TD Sequential Sell Signal Emerges
According to analyst Ali, BONK, a memecoin based on Solana, has formed a TD Sequential sell signal on its weekly chart. The same indicator that signaled the recent rally for BONK is now predicting a decline for the cryptocurrency. The TD Sequential is a metric used to identify potential tops and bottoms in an asset’s price.
The reversal signal occurs after nine consecutive candles of the same type following a previous top or bottom in the asset. This phase is known as the “setup.” If the setup completes with nine red candles, it suggests a buying point, while green candles indicate a possible top.
Recently, BONK experienced bullish momentum and surpassed the $0.00001487 level before undergoing a sharp correction to $0.00000996. However, the coin has since seen an 18% recovery, reclaiming the $0.00001237 level.
Despite this rally, BONK’s future remains uncertain due to the TD Sequential sell signal.
Closing Thoughts: BONK Faces Uncertain Future
BONK’s recent rally may be short-lived as a TD Sequential sell signal has emerged on its weekly chart. This indicator suggests a potential decline for the memecoin. While BONK has experienced a recovery in the last 24 hours, reclaiming some lost ground, it remains to be seen if this upward momentum can be sustained. Traders and investors should monitor the situation closely to make informed decisions about their BONK holdings.
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