With buyers losing the firm footing at the 50 EMA in the 4H chart, the BONK price has declined at a quick pace in the last few days. Moreover, the pullback phase takes a strong hit at the BONK market value and warns of a death cross in the 4H chart.
During the intense increase in the pullback phase, the sellers crash the BONK price under the $0.000015 psychological milestone. With this breakdown, the sellers retest the 200 EMA in the 4H timeframe and warn of a death cross.
Despite the quick fall this week, the bull run in the last few months fuels the optimistic approach of Bonk price prediction and teases a trend continuation. Moreover, in the coming weeks, the positive sentiments in the market and the growing community will have an approving impact.
Source – Tradingview
Currently, the buyers display a fightback and find support at the 200 EMA in the 4H timeframe and resurface above the psychological mark of $0.000015. However, as the buyers lost the 61.80% Fibonacci level, the support turned resistance will hamper the recovery attempt.
With a bullish reversal, the BONK price trades at $0.0000155 with an intraday growth of 4.84%. Further, this teases a strong reversal with a morning star in the daily chart. Moreover, the long tail intraday candle formed last night due to the bullish fightback bolsters the possibility of reversal.
Considering the meme coin manages to sustain above the $0.000015 mark, the BONK price can rechallenge the previous swing high. Moreover, the Fibonacci retracement level in the 4H timeframe highlights the crucial zones of resistance that the bulls may face.
Technical indicators:
MACD Indicator: The daily MACD and signal lines are supporting the bullish reversal possibility with a positive crossover in action. Further, this will fuel the rising trend of bullish histograms and signal a possibility of increased trend momentum.
Will BONK Price Reach $0.000035?
As the meme coins and the majority of altcoins take a dip, the BONK price retests the 50D EMA. However, the BONK price trades at $0.000015 while teasing a morning star pattern and attempting a bounce back.
Hence, the recovery rally can reach the $0.000035 mark if the buyers can sustain above the 50D EMA till the New Year run.
On the flip side, with the grim possibility of a death cross in the 4H technical chart, the downside chances will increase and potentially challenge the $0.000010 mark.
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December 29, 2023 at 02:13PM
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BONK Price Correction Warns Death Cross, Can Buyers Avoid It? - Coinpedia Fintech News
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