BONK has experienced an 8.67% decline over the past 24 hours, intensifying its weekly losses despite a 41% monthly gain. The cryptocurrency is now approaching a critical demand zone that could determine its next move.
This demand zone, ranging between \$0.00001546 and \$0.00001405, represents a potential area for significant buy orders. If the demand level holds, it may lead to an upward trend. However, failure to hold this level could result in further declines toward \$0.00001178, \$0.00001043, or even \$0.00000888.
Market sentiment currently leans bearish, supported by the Taker Buy/Sell Ratio, which indicates that 54.18% of traders are shorting BONK. Additionally, liquidation data shows that \$205,000 worth of long positions were liquidated, compared to only \$1,990 worth of short positions being closed.
Despite these bearish indicators, there is a possibility of a bullish reversal due to active spot market purchases. In the past week, \$18.63 million worth of BONK was bought, marking the highest weekly purchase since late January. If this buying momentum continues as BONK trades into the demand zone, it could spark a stronger rally.
— new from AMBCrypto