The post BONK’s 9-Month Consolidation Breakout: Will The Momentum Hold Post ATH? appeared on BitcoinEthereumNews.com.

BONK price action showed a massive breakout from a descending wedge pattern that confined its movements for over nine months. The currency experienced fluctuating fortunes as it navigated this extensive consolidation period. In recent weeks, however, BONK surged past its former peak levels, establishing new all-time highs. This breakout was a sharp upward movement, marking a departure from the previous downtrend and resistance levels within the wedge. – Advertisement – The EMA (200-day moving average), showed that after several touches and rejections from this moving average, BONK finally sustained its position. BONK/USDT daily chart | Source: Trading View This move indicated strong buying momentum and a potential shift in market sentiment from bearish to bullish. The volume bars along the bottom of the chart further validated this surge, with an increase in trading volume coinciding with the breakout points. This alignment suggested increased participation in the rally due to the breakout’s strength. – Advertisement – Given this momentum and the successful breach of the previous resistance-turned-support, the outlook for BONK appears optimistic. If the memecoin maintains its current trajectory above the critical EMA line, there is a strong possibility for the continuation of this surge. This promising pattern suggested that BONK could maintain its ascent, reaching higher peaks in the forthcoming months. BONK Liquidation Heatmap The liquidation heatmap for BONK in the past week revealed that key liquidity zones were identified around the $0.000045 and $0.00005 price levels. Dense concentrations suggested a rise in trading activity and the placement of many stop-losses and liquidation points. The heatmap displayed spikes in liquidity, especially near $0.000058, where BONK recently peaked. This area signified a potential reversal zone as traders who entered at lower levels could look to capitalize on the recent surge by taking profits, thereby increasing selling pressure. Further analysis indicated…

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Filed under: News - @ November 21, 2024 2:10 am