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Bonk (BONK) Price Prediction: Strong Demand Boosts Bullish Sentiment, but High "Liquidation" Levels May Hinder Rebound
Today (8), during the Asian morning session, Bonk (BONK) did not follow Bitcoin's pullback and continued to rise to around 0.0000226 USD. The demand for BONK has increased in recent days, with strong bullish sentiment. The weekly timeframe shows a bearish structure, and it is necessary to maintain 0.000026 USD as the support level to change this situation. There are significant liquidation levels around the May highs, which may hinder BONK's rebound.
Coinalyze data shows that in the past 24 hours, the open contracts for BONK increased by 8%, and speculative activity is another driving force for the market's bullish sentiment.
BONK price approaches May highs
BONK breaking through 0.000018 USD on July 5th is the first real sign of a Rebound.
AMBCrypto highlighted a bullish short-term outlook on BONK in a recent report, and this outlook has materialized as evidenced by the strong rebound breaking through the 0.00002 dollar integer resistance level.
OBV surged to its highest point since May, and the volume bar indicates a significant daily trading volume over the past few days.
The surge in demand may drive the price of BONK cryptocurrency up to $0.000025, the highest price since May. Fibonacci levels indicate that the 23.6% extension at $0.0000298 is a viable target price for the bulls.
However, traders and investors must remember that the weekly chart is bearish until the $0.000026 area can turn into a support level.
(Source: Trading View)
The liquidation heatmap confirms the expectations of the price chart. The area from 0.0000256 to 0.0000262 USD is quite a significant magnetic zone. The concentration of liquidation levels here suggests that a bearish reversal is possible.
Due to the strong demand and momentum behind the bulls, the liquidity cluster expenditure may only lead to a slight pullback before attempting to rise again.
Therefore, traders who already hold long positions in BONK can seek to take profits around $0.000026 and wait for price trends to develop before taking further action.