- BONK promote orders advised there was a variety of liquidity within the north.
- The decrease timeframe demand zone may yield a optimistic response.
Bonk [BONK] rallied previous the highs it set on the fifteenth of December. This breakout noticed the bulls take costs to the $0.0000477 stage, 36% above the earlier excessive. Since then, costs have retraced decrease.
A requirement zone was recognized, nevertheless it stays to be seen whether or not BONK may rebound and climb increased, or whether or not costs would decline additional. The order ebook offered some clues.
The decrease timeframe demand zone
Supply: BONK/USDT on TradingView
On the 4-hour timeframe, BONK noticed some consolidation on the $0.0000312-$0.0000342 area on the 4th of March. It retested the identical space in a couple of hours earlier than press time. The 12-hour chart confirmed that momentum and market construction remained strongly in favor of the patrons.
If the demand zone highlighted in cyan was defended, BONK may doubtless rally towards the $0.0000509 Fibonacci extension stage. A drop under $0.00003 would sign a construction break within the 1-hour timeframe and will see BONK costs fall.
The shopping for quantity has been exceptional over the previous few days. As issues stand, a serious correction was the inference from the charts.
The restrict promote orders had been thick
AMBCrypto’s evaluation of the MobChart order ebook information confirmed that there have been a number of restrict promote orders price greater than $100k to the north.
Life like or not, right here’s BONK’s market cap in BTC’s phrases
Particularly, the $0.000045 and $0.000048 had been stiff resistances. They’d $550k and $932k price of restrict promote orders respectively.
To the south, the $0.00003 and $0.000028 help ranges had $318k and $187k price of restrict purchase orders respectively. This meant that if the sellers seized the higher hand, they might pressure costs decrease comparatively rapidly.
Disclaimer: The data offered doesn’t represent monetary, funding, buying and selling, or different varieties of recommendation and is solely the author’s opinion.