BONK price action has now reversed a large portion of its previous bullish expansion, with the recent rally showing clear signs of weakness throughout the move higher. One of the major technical concerns was the lack of strong volume influxes supporting the breakout, indicating that the rally was likely unsustainable and vulnerable to a deeper correction. The market has now corrected the majority of that expansion, bringing price back into a critical technical region.
Currently, BONK is trading around the Point of Control (POC), which is acting as the key short-term level for market structure. As long as price action remains above this current POC region, the probability of an oversold relief bounce remains elevated. This could allow BONK to stabilize and attempt a short-term recovery after the aggressive downside expansion.
However, if the Point of Control is decisively lost alongside the surrounding daily support confluence, the probability increases for a continuation lower into the next major daily support region. This lower zone contains several intact swing lows that have yet to be taken, making it a likely liquidity target if bearish pressure continues.
Despite the current weakness, BONK still holds strong bounce potential once a local bottom is properly established. If accumulation begins forming around these lower support regions, the market could eventually transition into a stronger recovery phase.
Currently, BONK is trading around the Point of Control (POC), which is acting as the key short-term level for market structure. As long as price action remains above this current POC region, the probability of an oversold relief bounce remains elevated. This could allow BONK to stabilize and attempt a short-term recovery after the aggressive downside expansion.
However, if the Point of Control is decisively lost alongside the surrounding daily support confluence, the probability increases for a continuation lower into the next major daily support region. This lower zone contains several intact swing lows that have yet to be taken, making it a likely liquidity target if bearish pressure continues.
Despite the current weakness, BONK still holds strong bounce potential once a local bottom is properly established. If accumulation begins forming around these lower support regions, the market could eventually transition into a stronger recovery phase.
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