{"id":564855,"date":"2023-12-11T18:00:39","date_gmt":"2023-12-11T18:00:39","guid":{"rendered":"https:\/\/wncen.com\/?p=564855"},"modified":"2024-06-11T10:18:09","modified_gmt":"2024-06-11T10:18:09","slug":"bonk-rallies-17-analyst-expects-correction-signal","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bonk-rallies-17-analyst-expects-correction-signal\/","title":{"rendered":"BONK Soars 18%, But Analyst Warns Of Impending Correction"},"content":{"rendered":"

Solana-based memecoin BONK has enjoyed a rally of more than 18% today, but the asset may be in trouble if this sell signal is to go by.<\/p>\n

BONK Has Formed A TD Sequential Sell Signal On Its Weekly Chart<\/h2>\n

As explained by analyst Ali in a post<\/a> on X, the same indicator that signaled the latest rally for BONK is now predicting a decline for the cryptocurrency instead. The metric in question is the “Tom Demark (TD) Sequential<\/a>,” which is generally used for pinpointing probable tops and bottoms in any asset’s price.<\/p>\n

The indicator gives such a reversal signal after nine candles of the same type are following a previous top\/bottom in the asset. This nine-candle phase is called the “setup.”<\/p>\n

Related Reading: 63.2% Of PEPE Holders Now In Profit: How This Compares With DOGE, SHIB<\/a><\/div>\n

If the setup completes with nine red candles, then the TD Sequential suggests a likely buying point, while green candles imply the asset might have encountered a top.<\/p>\n

A TD Sequential setup has been completed for memecoin BONK on its weekly price chart just recently. Here is the chart shared by the analyst that shows this pattern in the cryptocurrency:<\/p>\n

\"BONK<\/p>\n

Looks like the signal has completed with green candles recently | Source: @ali_charts on X<\/a><\/pre>\n
As displayed in the above graph, the weekly BONK price has completed a TD Sequential setup phase with green candles recently as the asset has been enjoying a sharp rally.<\/p>\n
Ali notes that a few months ago, the same indicator had presented a buy signal for the meme coin, which ended up leading to the current rally. So far, the asset has enjoyed profits of more than 8,400% during this run.<\/p>\n
The analyst thinks based on the latest TD Sequential sell signal, BONK may be heading towards a correction period that could last anywhere from one to four weeks.<\/p>\n
The Dog-Based Coin Has Registered A Rise Of Over 18% During The Past Day<\/h2>\n
During the weekend, BONK continued its recent bullish momentum<\/a> and made a push above the $0.00001487 mark, but the meme coin soon noticed a sharp correction as it plunged to $0.00000996.<\/p>\n
The bulls appear to be back for the coin, though, as it has seen a rapid 18% recovery in the last 24 hours, reclaiming the $0.00001237 level. The below chart shows how the token has performed during the past month.<\/p>\n
\"Solana<\/p>\n
The price of the asset appears to have gone through a sharp rally in this period | Source: BONKUSD on TradingView<\/a><\/pre>\n
BONK is still a decent distance from making a full retrace towards its top, however, so it’s hard to say anything about whether this fresh rally is going to last for any sizeable period.<\/p>\n
Related Reading: Hold Your Horses: Bitcoin Could Fall Back To Under $38,000, These Analysts Say<\/a><\/div>\n
And given the TD Sequential sell signal in the weekly chart, it’s possible that this recovery surge is just a dead-cat bounce, and BONK will be heading down from here instead.<\/p>\n
At present, the meme coin is up more than 364% during the past month and stands third on the top meme coins by market cap list, meaning that it’s only smaller than Dogecoin (DOGE)<\/a> and Shiba Inu (SHIB) in total valuation.<\/p>\n
Featured image from Shutterstock.com, charts from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"
Solana-based memecoin BONK has enjoyed a rally of more than 18% today, but the asset may be in trouble if this sell signal is to go by. BONK Has Formed A TD Sequential Sell Signal On Its Weekly Chart As explained by analyst Ali in a post on X, the same indicator that signaled the latest rally for BONK is now predicting a decline for the cryptocurrency instead. The metric in question is the “Tom Demark (TD) Sequential,” which is generally used for pinpointing probable tops and bottoms in any asset’s price. The indicator gives such a reversal signal after nine candles of the same type are following a previous top\/bottom in the asset. This nine-candle phase is called the “setup.” Related Reading: 63.2% Of PEPE Holders Now In Profit: How This Compares With DOGE, SHIB If the setup completes with nine red candles, then the TD Sequential suggests a likely buying point, while green candles imply the asset might have encountered a top. A TD Sequential setup has been completed for memecoin BONK on its weekly price chart just recently. Here is the chart shared by the analyst that shows this pattern in the cryptocurrency: Looks like the signal has completed with green candles recently | Source: @ali_charts on X As displayed in the above graph, the weekly BONK price has completed a TD Sequential setup phase with green candles recently as the asset has been enjoying a sharp rally. Ali notes that a few months ago, the same indicator had presented a buy signal for the meme coin, which ended up leading to the current rally. So far, the asset has enjoyed profits of more than 8,400% during this run. The analyst thinks based on the latest TD Sequential sell signal, BONK may be heading towards a correction period that could last anywhere from one to four weeks. The Dog-Based Coin Has Registered A Rise Of Over 18% During The Past Day During the weekend, BONK continued its recent bullish momentum and made a push above the $0.00001487 mark, but the meme coin soon noticed a sharp correction as it plunged to $0.00000996. The bulls appear to be back for the coin, though, as it has seen a rapid 18% recovery in the last 24 hours, reclaiming the $0.00001237 level. The below chart shows how the token has performed during the past month. The price of the asset appears to have gone through a sharp rally in this period | Source: BONKUSD on TradingView BONK is still a decent distance from making a full retrace towards its top, however, so it’s hard to say anything about whether this fresh rally is going to last for any sizeable period. Related Reading: Hold Your Horses: Bitcoin Could Fall Back To Under $38,000, These Analysts Say And given the TD Sequential sell signal in the weekly chart, it’s possible that this recovery surge is just a dead-cat bounce, and BONK will be heading down from here instead. At present, the meme coin is up more than 364% during the past month and stands third on the top meme coins by market cap list, meaning that it’s only smaller than Dogecoin (DOGE) and Shiba Inu (SHIB) in total valuation. Featured image from Shutterstock.com, charts from TradingView.com<\/p>\n","protected":false},"author":542,"featured_media":564870,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[87477,90834,90833,90835,87481,85699],"class_list":["post-564855","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bonk","tag-bonk-correction","tag-bonk-rally","tag-bonk-sell-signal","tag-bonkusd","tag-memecoin"],"acf":[],"yoast_head":"\nBONK Soars 18%, But Analyst Warns Of Impending Correction<\/title>\n<meta name=\"description\" content=\"Solana-based memecoin BONK has enjoyed a rally of more than 18% today, but the asset may be in trouble if this sell signal is to go by.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" 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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn\u2019t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.","sameAs":["https:\/\/www.linkedin.com\/in\/keshavverma29\/","https:\/\/x.com\/https:\/\/twitter.com\/keshavvarma29"],"url":"https:\/\/wncen.com\/author\/hououinkyouma29\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"BONK Soars 18%, But Analyst Warns Of Impending Correction","url":"http:\/\/wncen.com\/news\/bonk-rallies-17-analyst-expects-correction-signal\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bonk-rallies-17-analyst-expects-correction-signal\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/12\/shutterstock_1165586542.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/12\/shutterstock_1165586542.jpg?fit=4000%2C2670"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Keshav Verma"}],"creator":["Keshav Verma"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bonk","bonk correction","bonk rally","bonk sell signal","bonkusd","memecoin"],"dateCreated":"2023-12-11T18:00:39Z","datePublished":"2023-12-11T18:00:39Z","dateModified":"2024-06-11T10:18:09Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"BONK Soars 18%, But Analyst Warns Of Impending Correction\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bonk-rallies-17-analyst-expects-correction-signal\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bonk-rallies-17-analyst-expects-correction-signal\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/12\\\/shutterstock_1165586542.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/12\\\/shutterstock_1165586542.jpg?fit=4000%2C2670\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Keshav Verma\"}],\"creator\":[\"Keshav Verma\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bonk\",\"bonk correction\",\"bonk rally\",\"bonk sell signal\",\"bonkusd\",\"memecoin\"],\"dateCreated\":\"2023-12-11T18:00:39Z\",\"datePublished\":\"2023-12-11T18:00:39Z\",\"dateModified\":\"2024-06-11T10:18:09Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/12\/shutterstock_1165586542.jpg?fit=4000%2C2670","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/564855"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/542"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=564855"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/564855\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/564870"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=564855"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=564855"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=564855"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}