أخبار تحليلات Bullish BONK Continues to Grow

Bullish BONK Continues to Grow

May 16, 2024 تحليلات
BITmarkets | Bullish BONK Continues to Grow

Launched in late 2023, Solana-based cryptocurrency BONK has undoubtedly captured the attention of crypto market participants, and it has risen to become one of the world's most influential memecoins.

BONK's rise to fame was when it witnessed a meteoric 220% rise in a matter of several days during the memecoin frenzy in early March of this year.

While the cryptocurrency witnessed a price correction in April, it managed to impressively escalate once more, with BONK buyers from the start of the year realizing a near-100% increase.

At the start of May, the BONK cryptocurrency market experienced intriguing price movements, which signaled opportunities for initiating buy positions after a significant period. However, it's important not to get carried away by initial excitement; instead, it's crucial to keep a close eye on key metrics.

Key focus areas

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BONKUSD - 1 Day Time Frame

From an algorithmic perspective, the phase of accumulating buy orders began following the closure of the last Fair Value Gap (FVG) from late March, which occurred just before reaching a local high.

During this period, as Smart Money sought to purchase at the most advantageous prices, a corrective movement toward the Buy-side Imbalance Sell-side Inefficiency (BISI) zone occurred. Notably, the price precisely maintained the 0.5 level within this zone, which is a positive indicator.

Since a candle closed above the BISI on the daily timeframe, buy positions have been established. The initial target for these positions is set at the Relative Corresponding Tops, which represent Sell-side Inefficiency (SSL), and subsequently at the next SSL area aligned with the Fibonacci level of 1.414.

The condition to sustain these buy positions is that the price remains above the BISI zone. A close below this zone could indicate the potential for a deeper correction due to the activation of the next Fair Value Gap.

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