đ„đ„$BONK TECHNICAL ANALYSISđ„đ„
â With the background of previous price rejections to higher values, $BONK is coming down, and it looks like it is coming down fast.
â We can see yesterday candle is a long bearish candle with higher volume suggesting that sellers are in control and are committed to push the price lower.
â Now the prce has reached the SNR line below and it got rejected earlier. But now again, it has got engulfed meaning sellers were able to overwhelm the buyers.
â If this price action continues, the price will fall below the SNR level and have a chance to drop even below.
â If buyers enter the market and could absorb all the selling, we should see a 'Hammer' candle formation with higher volume suggesting if this price action.
â So, its a waiting game for retail traders now.
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