🤯BONK rallies nearly 30%, but why the memecoin can turn bearish soon

Irma - May 19 - - Dev Community

🚀 Bullish Momentum: Bonk (BONK) shows a bullish outlook, approaching the local resistance level once again. Despite Bitcoin's (BTC) resistance, both BONK and BTC bulls exhibit strong upward momentum, hinting at further potential gains.

📊 Technical Analysis: BONK has traded within a range between $0.0000286 and $0.0000136 over the past two months, with a mid-range support at $0.0000212. Recent performance during the GME hype period has been promising.

💹 Market Indicators: Despite recent gains, the CMF indicates significant capital outflow (-0.11), suggesting possible selling pressure. While the RSI reflects bullish momentum (61), resistance at the range high could challenge bullish advances.

📉 Liquidity Analysis: The liquidation heatmap highlights liquidity concentrations around $0.00002-$0.00003. A move towards $0.00003-$0.0000315 to collect this liquidity may precede a potential bearish reversal. Conversely, $0.0000186-$0.0000201 could offer stable demand support to the south.

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