An upcoming test might dictate BONK’s short-term price action.
- BONK’s price now testing a key resistance level at $0.00002940 Metrics flashed mixed signals for the immediate future
BONK’s price has been consolidating since 14 July, while obeying a notable converging bullish pattern. On the charts, the pennant was nearing a breakout phase, with the price momentum confluencing at a key resistance level of $0.00002940.
At press time, the memecoin was valued at $0.00002862 following a 4% hike in 24 hours. Its market capitalization surged by 5% to $1.97 billion over the aforementioned period too.
The resistance level at $0.00002940 is a key level for BONK’s next move. The price seemed to be in a “wait and see” situation, hovering just below this key level. Investors are closely monitoring this resistance, as a successful breakout could lead to a potential surge in BONK’s price.
However, failure to break through could result in a pullback. This resistance level has been tested multiple times, adding to its significance.
Source: BONK/USD, TradingView
What tale do social volume and whale activity tell?
According to Coinglass, there has been a trend of decreasing social volume. This correlated with its recent short-term correction before the recent 10% rally.
BONK’s whale activity registered a hike too. The percentage of supply by big players with more than $5 million stood at 52% at press time. This may be a sign of a potentially significant move, especially as they have a lot of significance on the market’s direction.
Source: Santiment
Liquidations share a clue
Liquidation data from Coinglass revealed moderate liquidation levels for BONK’s price.This suggested that the market is balanced, without excessive leverage.
Source: Coinglass
There’s another way to look at it though.
According to AMBCrypto’s analysis of liquidation data, BONK’s long/short ratio has been fluctuating from long to short. These fluctuations in long and short positions could be a sign that there is market uncertainty.
Source: Coinglass
At the time of writing, BONK was close to a key resistance level on the charts. If the bullish pressure is enough to break through it, the memecoin’s price may surge north. However, it would need more conclusive support from its uncertain metrics.
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Next: How Hedera [HBAR] bulls can capitalize on this pattern’s breach
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