BONK’s Bear Trap or Bull Launch? A Key Level Could Flip the Game

After weeks of persistent bleeding, BONK is hovering near a level that could change everything. Traders watching closely are asking one thing: is this a setup for a brutal breakdown, or the start of an explosive 25% rebound?

For the past month, BONK has been trapped inside a descending channel, respecting resistance and support levels like clockwork. The memecoin has tested the $0.0000099 support zone twice—this level, which held strong in early 2024, is now back in focus. If it breaks, we could see new yearly lows. But if it holds? A bounce to $0.000014 may be in the cards.

BONK Struggles to Break the Pattern

The chart structure is clear—bearish pressure dominates. BONK’s price recently faced rejection from the upper boundary of the channel, reaffirming its downtrend. Now, the mid-channel line (previously acting as both support and resistance) is the next short-term battleground.

There’s a twist, though. The Relative Strength Index (RSI) just climbed back above 50—typically a sign of bullish momentum creeping in. This bounce from the $0.0000099 level showed buyers stepping up. But technical indicators alone don’t confirm a trend reversal. The On-Balance Volume (OBV) tells a more cautious story.

Despite last week’s bounce, OBV remains flat, sitting around February–March lows. This suggests one uncomfortable truth: demand is still weak. Without rising volume to back the move, BONK may simply be staging a relief rally, not a breakout.

Heatmap Hints at Short-Term Target

A key clue lies in the liquidation heatmap, where trader behavior becomes visible. According to data from Coinglass, BONK is approaching a liquidity pocket at $0.0000113. This area—just below current market price—is likely to be a short-term magnet, especially for quick bounces or stop-hunts.

But the real prize sits further up. A larger cluster of liquidations awaits at $0.000014, right near the top of the descending channel. If BONK manages to gather some upward momentum, this level could become the bulls’ next target—a potential 25% gain from current levels.

However, there’s a catch.

Traders Should Stay Sharp—The Trend is Still Bearish

Despite these promising signs, the broader trend remains against BONK. The descending channel hasn’t been invalidated. Until BONK breaks structure convincingly, bulls will remain cautious—and rightfully so. Every price rally so far has been met with sell pressure, and without a volume breakout, there’s no strong reason for that to change.

For now, smart traders will likely treat any bounce as an opportunity to fade the move, shorting into strength until the chart tells a different story. But everything changes if BONK breaks through the upper channel with strong volume.

Bottom Line:

BONK is at a crossroads. Hovering above a critical support zone, the memecoin is either staging a fake-out before another drop or building pressure for a surprise breakout. In a volatile market like this, one sudden move could trap the bears—or leave overleveraged bulls in the dust.

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