BONK Coin in Correction Phase: Is Bonk Ready to Soar After Liquidity?

• Bonk price has declined by 44% in the last 26 days.
• Bonk is matching Dogwifhat crypto in terms of market value.

Bonk (BONK) price was bullish, but buyers lost momentum near the $0.0000600 hurdle. Bonk coin price is down by 44% in less than a month and has undergone correction. The price dived below the previous resistance level of $0.0000450, indicating buyers’ weakness. Analysts suggest a liquidity sweep could be seen near the $0.00003600 and $0.00003300 levels.

Analysts Eyeing a 20% Quick Target After Liquidity Sweep

An analyst named Valeriya on X suggests that the BONK price could jump 20% soon. BONK price was figuring out its support levels from where it could bounce back after the liquidity sweep. The price structure has found two support zones — $0.00003600 and $0.00003300.

According to Valeriya, the price has been falling slowly on a 1-H time frame and heading toward the liquidity zone.

If the price melts to these support levels, a liquidity sweep could be experienced. After the liquidity sweep, the price is expected to witness a spike of around 20%. Subsequently, the price may hit the $0.0000445 mark if this scenario is generated.

In a 4-H time frame, the BONK price has tested a previous support zone of $0.0000350 twice. This is also a liquidity sweep zone where buying pressure can be received. RSI has displayed a bullish divergence which could be a bullish sign

Can BONK Price Record New ATH After Correction Phase?

When writing, Bonk crypto was trading at $0.0000346, down by 6% in the past 24 hours. The market capitalization was $2.61 Billion and the 24-hour trading volume was $323.78 Million.

Based on the technical chart, the price has lost a major support level of $0.0000400. This is a bearish sign and might invite sellers.

Bonk price has been wandering on the support level of $0.0000350. If the Bonk crypto price defends this support level, it may escape the correction phase. If the price triggers a breakout from the falling channel, the price may record a new all-time high (ATH).

Alternatively, if the price loses another support level of $0.0000350, profit booking could be triggered. If the price falls below the $0.0000285 mark, it might be difficult for buyers to bounce back.

Based on the technical indicators, MACD and Signal line have entered the negative territory and the histograms have turned red. RSI has dropped below the RSI-based moving average and slipping toward the oversold zone.

BONK Price Analysis by Analyzing Liquidity Sweep

Bonk is experiencing a significant correction phase, with its price declining by 44% over the last 26 days. Analysts are monitoring the situation closely and suggest a liquidity sweep could lead to a potential 20% bounce back if the price successfully holds at key support levels. However, the loss of crucial support could trigger further declines, making it essential for buyers to be vigilant.

The overall market dynamics indicate a bearish trend for Bonk. However, if it can defend the critical support at specific levels and trigger a breakout, there’s potential for a return to bullish momentum and even a new all-time high.

Disclaimer

This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.