BONK’s Bearish Blues: Will the Bulls Bounce Back? 🎢💰

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Well, I say, old bean, Bonk has had a bit of a spurt, rallying 5.55% in the past 24 hours, but don’t go popping the champagne just yet! 🥂 CoinMarketCap, that trusty fellow, reveals its daily trading volume has taken a tumble, down nearly 10% at the time of scribbling. Rather a damp squib, what?

Now, this modest uptick might be attributed to the Solana [SOL] launchpad Bonk.fun, which has announced that a whopping 51% of the fees will be used to buy back BONK, up from the previous 10%. Jolly good show, but will it be enough to save the day? 🤔

BONK’s Long-Term Woes: A Tale of Woe and Woe Again

The weekly chart, my dear reader, paints a picture more dreary than a rainy Tuesday at Aunt Agatha’s. The $0.0000096 support, as sturdy as a wet paper bag, is now being retested as resistance. Two weeks ago, it crumbled like a poorly baked soufflé, closing below this level. 😢

The OBV, that old barometer of buying pressure, is in a downtrend, and the RSI’s reading of 36 screams bearish momentum louder than Jeeves when I forget to tip him. It’s high time the bulls made a stand, but frankly, they seem to be lacking the gumption. 🦬

As things stand, the buyers are about as convincing as a vegetarian at a steakhouse.

Now, on the 4-hour chart, there’s a glimmer of hope for our beleaguered BONK bulls. A range formation (marked in purple, no less) between $0.00000846 and $0.0000105 has managed to halt the downtrend over the past three weeks. A small victory, but one must take what one can get, eh? 🌟

The OBV is trending higher, and the RSI is oscillating like a pendulum at a clock convention, hinting at some buying pressure in recent days. But let’s not get ahead of ourselves-overturning the long-term downtrend would be like trying to teach Aunt Dahlia to appreciate fine art. 🖼️

The loss of $0.0000096 as support, just shy of the psychological $0.00001 level, was a blow to bullish sentiment more devastating than finding a hair in one’s morning tea. ☕

The Bullish BONK Case: A Flight of Fancy?

The rising OBV suggests a potential-though highly improbable-trend reversal. A breakout past $0.0000105 and a retest of the range high as support would be a buy signal, but let’s not hold our breath, shall we? 🌬️

To the north, the next target would be $0.0000135, but that’s about as likely as Bertie Wooster turning down a free lunch. 🥪

Traders, Heed This Call: Respect the Range!

The more probable scenario, I’m afraid, is a rejection at the range highs. A range formation, after all, is like a game of tennis-traders should utilize the extremes to take profits and position themselves for a revisit to the opposing side. 🎾

A retest of $0.0000105 would offer a selling opportunity, so don’t go betting the family silver on a breakout before it’s actually happened. And even if one materializes, one must consider the wider market sentiment and Bitcoin [BTC]’s bullish strength to see if further BONK gains are on the cards. 🃏

Final Musings

  • The three-week range formation offers clear entries and exits for traders, rather like a well-choreographed dance. 💃
  • Despite the slow increase in OBV on the H4 chart, traders should trade the range until it’s as broken as Bertie’s heart after a failed romance. 💔

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2025-12-08 00:28