- Bonk broke out a massive falling wedge pattern that had contained the price since the end of December 2024
- Cumulative has been formed more shorts than longs, with the highest cumulative short liquidation ceiling at $ 0.0.002100
Bonk is in the news now that its price measure broke out of a significant falling wedge pattern, one that extended from the end of December 2024. This suggested a potential transition to a new market direction on the lists.
Bonk price action and prediction
A deep analysis revealed that Bonk saw a major outbreak from its consolidated interval, one that has failed different times before. This finally sent its price to $ 0.00002011 at press time.
To validate the outbreak, Bonk would have to stay over $ 0.00002000 zone while the upper limit of the pattern remains as its support. The original barrier to a larger upward was at $ 0.00003 and the main target lived close to $ 0.00006193, corresponding to Q4 2024’s top.
For the MACD indicator, the powerful hausse -like signals stated when its line stood at $ 0.00000121 over 0.00000082 Signal Line, while showing a trend on the histogram.
Source: Tradingview
This suggested that buyers could maintain dominance while more profits arise, provided that traders showed enough purchasing power. Bonk, however, could probably go through its previous wedge resistance close to $ 0.00001500. Especially if the price does not maintain any stability above $ 0.00002000.
A failure to maintain $ 0.00002000 as support would question the validity of Bonk’s breakout structure. This can send the price that falls against $ 0.00001000 area.
A series of bonk price closes above $ 0.00002000 can stimulate confidence in an extra price increase. If rejection occurs, bulls would need to protect lower support areas against another extended bear market.
Rising leverage positions, volume and oi
In addition, more traders have collected short positions as Bonk was valued at $ 0.00002014. The most stacked short leverage effect amounted to $ 0.00002100 region, which was slightly higher than the market price, while exceeding $ 5 million short contracts.
However, the activity of long traders during pricing has remained conservative. This is because of their cumulative liquidation reinforcement that hits $ 0.00001900– $ 0.00001960 zone, relatively low compared to shorts contracts.
A price increase over $ 0.00002100 can trigger a wave of short liquidations. This would speed up the market up to $ 0.00002200.
Source: Coinglass
The early long positions would probably fail and the price would see an increase in pressure. Especially if Bonk falls below $ 0.00001900, which triggers additional market outlets.
The exaggerated short positions suggested that although traders may have expected a drop, intersection resistance could trigger a strong card press. Bonk’s next feature depends on volatility, as both long -term and shorts have built up strong opposite positions.
Source: Coinglass
In the meantime, Bonk to $ 0.021 had open interest (OI) to $ 267.61 million and volume to $ 659.60 million. While OI has been built up from its mid -April levels of about $ 150 million, the volume has remained consistently low.
Such a divergence can be a reflection of speculative positioning, not exactly based on much conviction. This can help induce volatility if the price makes some meaningful movements in any way.
