I think a true disaster will happen here. It seems that the biggest damage will happen to the memecoins side of the market, based on what I am seeing coming from the charts.
Here we are looking at Bonk. You know, a major crash leads to a very strong rise when market conditions switch from bearish to bullish, we've seen this in the past. These memecoins grew really strong and the same also works in reverse. A major rise tend to produce a very strong correction and since there hasn't been much for this pair in comparison to recent growth, a major market flush can cause real damage.
Ok, what is the chart saying?
My name is Bonk, James Bonk...
➖ BONKUSDT can easily lose ~50%. This would be level 1.
But there is also level 2 and level 3.
➖ Level 2 would mean a 85% drop from current prices and level 3 a 95% drop.
➖ Level 1 support can be tested easily, that would be -50% for BONKUSDT. The other two, I don't know, but the market has been consolidation for many months for a major drop. If level 1 breaks, prepare for the worst.
Namaste.
If you want coin analysis like BTC , ETH , SOL , DOGS , PEPE , SHIB ....etc just follow me
