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- BONK fell nearly 30% after hitting a new all-time high.
- The whale took the initiative to take profits and liquidate the long position. Will recovery be delayed??
Meme Coins has been the top weekly loser over the past week, with large and mid-cap altcoins taking center stage amid the resumption of altcoin season calls. Bonk(Bonk) Profit-taking intensified after hitting a new high of $0.000062, leading the top losers.
As of this writing, BONK is down 29% from its new all-time high. While this may be a larger trend in the capital cycle, key levels bulls can track are:
BONK Withdrawal Assessment
Source: BONKUSDT, TradingView
The new ATH is slightly below the extended golden Fibonacci ratio (about -61.8%), but an uptrend after the decline could override this level as the next bullish target.
That is, the main price imbalance to the left of an uptrend occurs in the two white zones (Fair Value Gap FVG). The immediate price imbalance level was 23.60% Fib and the second was 50% Fib.
The latter is also in line with the 50-day simple moving average (SMA), suggesting that bears could find stronger support if they fall below $0.000039. Therefore, if the bullish momentum continues, this could act as a key re-entry point for the bulls.
Given the rising and oversold Stochastic RSI, BONK may still be poised for further downside if short sellers extend profit-taking.
demand plummets
Source: Coin Analysis
In the first half of November, the rally was driven by spot market demand (rising spot cumulative volume delta (CVD)), which was later driven by futures markets (surge in open interest).
However, demand in both futures and spot markets has plummeted, as evidenced by southward moves in OI and spot CVD.
This could further complicate a strong recovery unless the meme coin story regains dominance.
Source: Hiblock
Another bearish indicator was whale derisking. Whales on the Binance exchange have been steadily liquidating long positions since mid-November, as evidenced by the negative reading of the whale-to-retail delta.
read Bonk (BONK) Price Prediction From 2024 to 2025
Historically, the decline of large players has led to muting or price consolidation. This may hurt BONK in the short term.
If there is a possibility of a price reversal, traders can track a critical level along with a potential whale re-entry, which could indicate a possible recovery for BONK.