Memecoins Were Top Weekly Losers as BONK [BONK] Led the Charge

Memecoins were top weekly losers during the past week, as large and mid-cap altcoins took center stage amid renewed altcoin season calls.

Memecoins topped the weekly losers' list as the past week saw large and mid-cap altcoins take center stage amid renewed altcoin season calls. Leading the losers was Bonk [BONK], which saw heavy profit-taking after reaching a new all-time high at $0.000062.

At the time of writing, BONK was down 29% from its new all-time high. While this could be part of a larger capital rotation, here are key levels bulls might want to watch out for.

BONK’s pullback in closer detail

BONK/USDT 1-hour Chart. Source: TradingView

Despite the new ATH falling just short of the Fib golden ratio extension (around -61.8%), the level could be canceled out as the next bullish target in case of an upswing following the pullback.

Having said that, the uptrend left behind some critical price imbalances at two white zones (fair value gaps / FVG). The immediate price imbalance level lay above 23.60% Fib, while another was present at 50% Fib.

The latter also coincided with the 50-day Simple Moving Average (SMA), suggesting it could act as stronger support if the pullback dropped below $0.000039. Hence, if the bullish momentum continues, these could act as key re-entry levels for the bulls.

Considering the Stochastic RSI’s elevated and overbought state, BONK could still be up for an additional pullback if short sellers stepped in to extend the profit-taking.

Demand fizzled out

Source: Coinalyze

The first half of November saw spot market demand (rising spot Cumulative Volume Delta—CVD) lead the rally, which was later picked up by the Futures market (surge in Open Interest).

However, demand in both the Futures and spot markets fizzled out, as evidenced by the southward movement in OI and spot CVD.

This could further complicate a strong recovery unless the meme coin narrative manages to reclaim the spotlight once more.

Another bearish factor to consider was whale de-risking. As shown by the negative reading on the Whale vs. Retail Delta, whales on the Binance exchange have been steadily clearing out long positions since mid-November.

BONK Price Prediction 2024-2025: A Deep Dive into the Solana Meme Coin’s Future Price Targets

Historically, a decrease in activity from large traders has led to price consolidation or muted price action. This could impact BONK in the short term.

For a likely price reversal, traders might want to keep an eye out for these critical levels along with potential whale re-entry, which could signal a likely recovery for BONK.