Exploring BONK's mixed signals: Should you go long, short, or stay sidelined?
The $0.0000165 level on the lower timeframe chart must be defended in case of a pullback.
The demand in recent days was considerable, but zooming out showed that the demand has been relatively low since March.
Bonk has rallied past June’s high on the back of considerable demand. This demand was reflected in the trading volumes of both the spot and derivatives markets.
At the time of writing, BONK presented differing outlooks on different time frame price charts.
The weekly chart showed a bearish swing structure. The swing points were at $0.00000258 and $0.0000114. A move beyond the former resistance level will signal a bullish outlook for BONK in the higher timeframes.
As things stand, a bullish argument was not feasible on the weekly timeframe.
The price action showed the first sign of a trend shift with a higher low in June, compared to March, but it was not a definitive sign. The OBV has been moving sideways since March.
The volume indicator revealed the lack of consistent demand behind BONK, which could hurt the chances of a sustained rally.
The weekly RSI was also below neutral 50, and has been throughout 2025, barring a couple of weeks in May. This was another sign of bearish dominance.
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