$BONK Bonk Forming Bearish Round Top ๐งฑ๐ถ | Caution as Momentum Wanes โ ๏ธ๐
๐จ Bonk is flashing warning signs on the charts โ a classic bearish round top is shaping up ๐งข๐. This pattern usually hints at slowing bullish momentum followed by potential reversal โ and traders are taking note ๐๐.
๐ The curve at the top suggests price exhaustion as volume begins to decline ๐๐. While thereโs been some chop, sell pressure is creeping up, and buy volume is weakening across multiple intervals. ๐๐ป
๐ RSI is flattening, indicating indecision โ and MACD is on the verge of a bearish crossover ๐๐. These signals often precede a downtrend, especially when paired with a rounding pattern. Traders watching this may see liquidity drying up, which could lead to sharp dumps on low volume ๐ณ๏ธ๐ฃ.
๐ง On-chain data isnโt looking too bullish either. Whale distribution is increasing ๐ณ๐ค, and exchange balances are climbing again โ suggesting tokens are being moved back to sell ๐ฆโ ๏ธ. This aligns with short-term bearish sentiment across socials and forums ๐๐ข.
๐ฌ Emotion is turning โ social sentiment is cooling, and hype is tapering off ๐๐ฅถ. Memecoin cycles thrive on momentum and FOMO โ but this current formation says the fire might be fading.
โณ Still, nothing is certain โ manage risk tightly and watch for volume spikes or fakeouts ๐๐ซ. If Bonk breaks below the key neckline of the pattern, the fall could accelerate fast. ๐โ ๏ธ
Bonkโs party might be taking a breather โ or preparing for a deeper move. Stay alert, donโt get caught on the wrong side of the curve. ๐ง ๐ผ
โ ๏ธ Not financial advice โ always DYOR ๐ง ๐