- Bonk’s attitude ensures a recovery, but confirmation is required before a reversal or rally is called.
- The financing percentages remained between 0%-1%, which reflects a careful sentiment without excessive use of lungs in the game.
Bonk [BONK] Daddied 11.64% in the last 24 hours and marked the fourth consecutive red day. This downward trend has brought the price of the Memecoin to a critical level of support.
At the time of the press, Bonk traded at $ 0.00001883, a level that matches a large Pennant support zone.
Historically, the card pattern is considered a Make-Or-Break moment. If support is maintained, Bonk can bounce back. But if bears break through, the memecoin can dive further to test lower supports.
Source: TradingView
Financing rates show restraint, but not disinterest
Go deeper into Bonk’s on-chain statistics, the financing data of Coinglass is indicated a conservative tone in derivatives markets.
The rates have remained between 0% to 1% – a sign of a general cautious tone despite the modest long positions of some traders.
Source: Coinglass
This optimism in the inclusion suggests that the investors are waiting for confirming the reversal of the trend before they are committed to more long positions.
Moreover, the lack of excessive leverage means that the market is not overloaded on lungs, so that room remains upside down when the question arises.
Liquidity clusters suggest Bullish Magnet above
Interestingly, Coinglass’s Liquidatie HeatMap data paints a more optimistic image. A concentration of liquidity can be observed from the heat folder around the price level of $ 0.0000233.
These clusters often act as price magnets, especially when market makers try to fill a high volume of interest.
If Bonk holds more than $ 0.00001883 and even builds a modest upward pressure, the zone of $ 0.0000233 becomes a natural goal in the short term.
Source: Coinglass
Careful optimism for Bonk
For the time being, Bonk is balancing between further correction and a potential bouncing. The outbreak of $ 0.00001883 is decisive.
If Bulls succeed in retaining this level, a switch to the $ 0.0000233 zone can be located.
That said, nor financing percentages nor liquidity signals confirm a clear reversal. The ingredients for a jump are present, but confirmation is the key before traders chase it.
Credit : ambcrypto.com
