Analysis
BONK price prediction- Here’s why traders can go long after a 6.5% price dip
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Journalist
- BONK burst out beyond the six-week range highs on high trading volume.
- A price dip below $0.00003 in the coming days was likely.
Bonk [BONK] gained 39.26% on Tuesday, the 12th of November, reaching as high as $0.00004 before retracing by 17.46% from that point in the past ten hours. The dip might not be at an end, as the liquidation heatmap indicated another 6.5% move lower was likely.
Yet, with the backdrop of Bitcoin [BTC] in the price-discovery phase, dips in BONK price are for buying. “Buy everything you can” was the advice from Bernstein Research for crypto investors.
BONK achieves the 100% Fibonacci extension target
Source: BONK/USDT on TradingView
The OBV soared past local highs from late September as the meme coin broke out beyond the six-week range. A deviation below the range lows was seen in the first week of November.
The events since then, such as a pro-crypto U.S. president elected, have spurred bullish conviction in assets across the market.
The RSI was resetting after a move to 81 on the daily chart, levels it previously reached in March 2024. Back then, BONK rallied 333% in nine days. The recent move from the range breakdown (deviation) was 133% and took eight days before the dip started.
BONK price prediction- deeper short-term dip expected
Source: Coinglass
The 1-week look-back liquidation heatmap highlighted the $0.0000307 and $0.0000345 levels as the closest magnetic zones for BONK. A deeper move to $0.0000276 is also possible, especially if BTC falls below $85.5k.
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More gains are highly likely but the timing of it is less clear. Bitcoin gained 34% in a week and was consolidating around $87k at press time.
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion
