Exciting Times for the Crypto Market
Excitement is brewing in the crypto market, fueled by the possibility of the first spot Ethereum ETF getting approval. This buzz has resulted in a bullish streak, with one of the top performers being BONK, a Solana-based memecoin.
Highlights of BONK’s Performance
- BONK has surpassed the resistance at $0.00003 during the recent market rally, indicating potential for further growth.
- Since April, the price of BONK has surged by 148%, currently standing at $0.0000328, with targets set at $0.000047 and $0.0000712 if the breakout continues.
- The crypto market saw approximately $400 million in liquidations in the last 24 hours, mainly from short positions.
- Technical indicators like rising EMAs and ADA slope suggest that buyers have the momentum for a higher rally.
- Despite the optimistic outlook, a short-term pullback is anticipated due to high cumulative liquidation levels delta, with crucial support at key levels.
BONK has broken the resistance at $0.00003, signaling a shift in market sentiment and the potential for further growth.
The memecoin began its current recovery trend in late April, maintaining a price above $0.000013 and has since surged by 148% to the current value of $0.0000328.
An analysis of daily charts indicates an inverted head and shoulder pattern, often seen as a bottom formation and a sign of prolonged recovery.
With this recent breakthrough, BONK is eyeing targets at $0.000047 and $0.0000712 if the price retains above the neckline resistance.
The crypto market witnessed significant liquidations in the past 24 hours, with nearly $400 million, with the major share from short positions.
Bitcoin and Ethereum alone contributed $218 million to this total. The market’s long-short ratio stands at 2.46, displaying a strong inclination towards long positions.
Supporting the bullish sentiment for BONK are technical indicators like a sharp surge in daily EMAs (20, 50, 100, and 200) indicating aggressive buying activity and a rising Average Directional Index slope suggesting momentum for a higher rally.
Despite the positive outlook, a short-term correction is on the horizon due to the highly positive cumulative liquidation levels delta.
Key support levels to monitor include $0.0000301, $0.0000289-$0.0000295, and $0.0000272 due to significant clusters of liquidation levels and their importance in price action.
BONK’s breakout during the recent market upswing sets the memecoin up for potential further gains, targeting $0.000047 and $0.0000712.
While technical indicators favor a bullish stance, traders should remain vigilant for a possible short-term pullback given the highly positive cumulative liquidation levels delta.
Hot Take: Stay Ahead in the Crypto Market
As the crypto market witnesses exciting developments and potential growth, staying informed and aware of market trends is crucial. Keep a close eye on BONK’s performance and the overall market sentiment to make informed decisions and navigate any upcoming challenges with confidence.
By
By
By