Bonk (BONK), which has risen nearly 20 percent in the last 24 hours, may decline due to not being able to reach a sufficient level of purchasing volume.
Donald Trump’s victory in the US presidential elections caused striking increases in altcoins. Many altcoins have bounced 20 percent to 30 percent from their support points. BONK, located on the Solana blockchain, accompanied the altcoin rise. The popular altcoin rose 20 percent due to Trump’s influence.
According to the BONK analysis prepared by AMBCrypto, withdrawal signals have occurred in the popular altcoin. The following statements were included in the analysis:
“ While it is said that the election results in the USA may have an impact on the price of Bitcoin (BTC), the upward trend of BTC may also positively affect alternative cryptocurrencies such as BONK. Despite the positive outlook, short-term fluctuations stand out as a factor that worries investors.“
BONK price analysis
BONK, which fell below an important support level about a week ago, lost 15 percent of its value in three days. A striking analysis has been published for memecoin, which has gained strength recently with the influence of Trump.
The analysis noted that BONK traded in a range between $0.0000197 and $0.0000241 in October. BONK price fell below the said range in November. In the graphic analysis prepared on Fibonacci, it was seen that BONK gained strength at $ 0.0000174.
AMBCrypto argued that the positive outlook was misleading. The following statements were included in the analysis:
“ A daily close above the $0.0000227 level could be a strong sign that an uptrend may be starting. On the other hand, the On-Balance Volume (OBV) indicator continues its downward trend.“
In the analysis, it was stated that the $0.0000231 and $0.0000262 levels are potential bullish targets for BONK. The popular memecoin may retreat to $0.00002064 if it fails to reach the said levels.
