BONK, WIF: This week’s price prediction says…

Please fol­low and like us:
Pin Share

  • Both meme coins have a bear­ish struc­ture on the 4‑hour chart.
  • The liq­ui­da­tion heatmap and HTF struc­ture showed BONK had a good chance of recovery.

Two pop­u­lar meme coins Bonk [BONK] and dog­wifhat [WIF] exhib­it­ed strong bear­ish sen­ti­ment in the short term. The com­ing week could see more sell­ing pres­sure heaped on these tokens.

Buy­ers lacked the strength to reverse the short-term down­trend. The sen­ti­ment across the mar­ket was neu­tral or bear­ish as Bit­coin [BTC] dithered above the $64k lev­el at press time.

BONK capital outflow was troubling for investors

BONK 1-day Chart

Source: BONK/USDT on TradingView

The one-day chart reflect­ed a bull­ish struc­ture, but prices were hov­er­ing above the 78.6% Fibonac­ci retrace­ment level.

More­over, the RSI slipped below the neu­tral 50 mark a week, hand­ing the reins to the bears.

A drop below the 78.6% lev­el at $0.00001885 would indi­cate that BONK is head­ed to the swing low at $0.000011. A bear­ish mar­ket struc­ture would become more like­ly in this scenario.

Aside from the RSI, the Chaikin Mon­ey Flow (CMF) indi­ca­tor also under­lined bear­ish­ness. It fell below ‑0.05, a lev­el traders use to fil­ter weak sig­nals. It sig­naled notable cap­i­tal flow out of the BONK market.

BONK Liquidation Levels

Source: Hyblock

The liq­ui­da­tion heatmap showed a bright band at the $0.0000177-$0.0000185 area. It was a pock­et of liq­uid­i­ty that could attract BONK prices low­er before a ral­ly could be initiated.

To the north, the $0.0000372-$0.0000388 area was anoth­er sig­nif­i­cant pock­et. In between, the liq­ui­da­tion lev­els were rel­a­tive­ly sparse, mean­ing prices could tra­verse between these regions quickly.

WIF Bulls unable to win the crowd over

WIF 4-hour Chart

Source: WIF/USDT on TradingView

The 4‑hour chart has a bear­ish mar­ket struc­ture. The swing low at $2.04 set on the 16th of March was breached on the 20th.

The momen­tum has also been firm­ly bear­ish since the 18th of March, as the RSI remained below neu­tral 50.

WIF needs to climb back above $3.3 to flip the 4‑hour time­frame struc­ture bull­ish­ly. The evi­dence of the past ten days showed that bulls lacked the strength to force this recov­ery.

The OBV has moved side­ways over the past week, and the trad­ing vol­ume was rel­a­tive­ly low.

dogwifhat Coinalyze

Source: Coin­a­lyze

The Open Inter­est chart fell low­er over the past week along­side prices. This reflect­ed bear­ish sen­ti­ment and spec­u­la­tors choos­ing to remain side­lined. Short sell­ing has not ramped up yet.


Is your port­fo­lio green? Check out the WIF Prof­it Calculator


Sur­pris­ing­ly, the spot CVD has been flat in the past four days. This was an encour­ag­ing sign for WIF bulls in the short term.

It meant that the sell­ing vol­ume in the spot mar­kets was low, and if sen­ti­ment could shift bull­ish­ly some­how, the bulls could push prices higher.

Dis­claimer: The infor­ma­tion pre­sent­ed does not con­sti­tute finan­cial, invest­ment, trad­ing, or oth­er types of advice and is sole­ly the writer’s opinion.

Source link

Please fol­low and like us:
Pin Share

Leave a Reply

Your email address will not be published. Required fields are marked *