How Far Has the Memecoin Recovered

• Bulls have shown resilience as indicators suggest a slight advantage over bears
• The liquidation heatmap indicates short-term targets at recent highs

Bonk [BONK] was on the verge of converting the $0.0000338 level into support as of the latest update. Nonetheless, in recent hours, bullish momentum faced hurdles at the 61.8% retracement mark. Technical analysis suggested that bulls had a marginal edge.

Considering Bitcoin [BTC]’s positive trajectory leading up to the US presidential inauguration on January 20, there could be renewed optimism for BONK traders. However, caution is warranted to avoid pitfalls in case BTC’s momentum experiences a shift.

The prospect of another rejection for BONK?

A bearish setup emerged last week after price action established lower lows on the daily chart. Currently, prices hover just below the $0.0000338 Fibonacci level while RSI has breached 50, signaling potential buyer momentum shifts.

Despite an uptick in OBV throughout December, it fell short of surpassing local highs indicating persistent but limited bullish interest among Bonk buyers amid broader losses across cryptocurrencies over six weeks.

A critical resistance point set at $0.000037 for bulls.

An identified fair value gap on H4 charts (denoted by a white box) sits just above $0.00003—a pivotal support zone observed during late December trades.

A retest either at this fair value gap or around $0.00003 might present an enticing buying opportunity.

The one-month liquidation heatmap highlighted clustered levels from approximately $0.0000366 to $0.0000374—aligning with local highs achieved earlier this month at $0.000036 for Bonk.

For further insights check Bonk’s [BONK] Price Forecast 2025-26 p >

As such, it’s anticipated that BONK could move towards levels between $0.000036 and $0.v00&jp;374 soon—a potential profit-taking chance arises for many traders.

Traders adopting swing strategies should keep an eye out for long positions amidst any positive market movements coupled with OBV readings breaking past local peaks.

This commentary does not serve as financial advice and merely reflects individual perspectives of its author.

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