🐶 Is BONK about to turn around? It seems to be falling, but in fact, it hides a big reversal mystery! 🚀
Brothers, don't be scared by BONK's recent movement! 👀 Although it seems that BONK has been 'slumping,' having dropped 44% from last month's high, don't rush to conclusions; this 'dog legion' little brother is not so easily crushed on the beach! 💥
Today, Fanfan will take you on a deep dive into why BONK might be brewing a 'return of the king' spectacle! 🎭
📉 On the surface, it looks bearish, but in reality, it is hiding a 'rebound surprise.'
As of now, the price of BONK is stuck around the support level of $0.00004, which is also the starting point for its explosive rise in July. On the surface, it does seem to have dropped quite a bit, and the short-term trend is also bearish, with a new low even set in August.
But everyone, think about it, the market is always a 'performance art' 🤡:
First, create panic, then come a big reversal.
Bearish? That's right! But this might just be the classic prelude to a 'trap' market!
The momentum indicator is still below the zero line, indicating market weakness. But conversely: having dropped to this point, isn't the possibility of a reversal even greater? 😉
💡 Is BTC making room for altcoins? BONK is 'gathering momentum'!
Now, let's look at the broader environment. Over the past few weeks, Bitcoin's dominance (BTC.D) has been continuously declining, what does this mean?
👉 Money is sneakily flowing from Bitcoin to the altcoin market!
Meme coins are also benefiting. The total market cap of the entire memecoin sector is currently $71.4 billion. Although it hasn't returned to the peak of $115 billion in 2024, it has been steadily climbing since March.
In a nutshell: 📈 Bitcoin is giving way, altcoins are racing ahead, and BONK, as the 'dog meme' crowd favorite, could naturally become a beneficiary of this wave!
🔑 Key technical support level: Is the reversal just a moment away?
Let's take a look at the technical indicators. Since May, BONK has actually entered a bullish breakout zone.
The $0.0000225 area was previously a resistance, but it is likely to become support now.
The Fibonacci 61.8% retracement level is near $0.000226, where the 100-day moving average also overlaps.
This means: 👉 BONK is currently at a 'super critical support level'! If it can hold steady, the market could soar at any time. 🐶💨
However, Fanfan also needs to remind you: the biggest problem right now is trading volume. 📉
In the past few days, the buying volume of BONK has noticeably decreased, and the A/D indicator is also declining. What does this mean? The market's funds are still observing and haven't dared to rush in on a large scale.
To initiate a new round of explosion, BONK must resolve this 'ceiling' issue. As long as trading volume can pick up, the trend could reverse immediately! 💥
🔮 Summary: Will BONK reverse?
Brothers, don't be fooled by appearances! Although BONK's short-term trend is bearish and looks a bit 'sluggish,' from multiple angles like support levels, Fibonacci indicators, and Bitcoin capital outflow, it has been quietly brewing a surprise rebound.
If BTC continues to weaken and altcoins see an influx of capital, BONK's next explosion may be just around the corner! 🚀 Of course, whether it can 'ignite the engine' depends on whether trading volume can surge.
📢 Fanfan's friendly reminder
This article is just a market observation and Fanfan's personal analysis sharing, not investment advice! Before making decisions, make sure to DYOR (Do Your Own Research)! 🔍 After all, the only rule in the crypto world is: survive to have a chance to get rich! 💰
