Market Overview: Bonk/Tether (BONKUSDT) – 2025-10-30

• Price closed lower amid a broad consolidation pattern and notable volatility
• RSI and MACD suggest weakening momentum and potential oversold conditions
• Volume surged in late-session bearish activity, signaling increased selling pressure
• Price remains below key moving averages, suggesting downward bias
• Bollinger Bands tightened prior to a sharp break lower, hinting at a volatility breakout

Bonk/Tether (BONKUSDT) opened the 24-hour period at $0.00001466 and closed at $0.00001394 by 12:00 ET. The pair reached a high of $0.00001512 and a low of $0.00001328, reflecting a volatile trading session. Total volume amounted to 513,343,922,610.0 (USDT), with a notional turnover of approximately $7,193,935. The price action was marked by multiple bearish reversals and significant volume surges during late hours.

Structure & Formations

The 15-minute chart displayed a key bearish structure with a clear breakdown below the 1.452e-05 support level, confirmed by a large bearish candle on October 29 at 19:45 ET. The price then tested the 1.44e-05 level repeatedly, which acted as a temporary support but eventually gave way. Notable bearish engulfing patterns were observed during the late session, particularly around 20:30–20:45 ET and again at 22:30 ET. A strong bearish reversal from the 1.457e-05 resistance level confirmed weakening bullish momentum.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages both trended downward, with price currently below both. This reinforces a bearish bias for the near term. On the daily chart, the 50/100/200-day moving averages show a bearish alignment with price below all of them, suggesting a continuation of the broader bearish trend is likely.

MACD & RSI

The MACD on the 15-minute chart crossed below the signal line during the late session, reinforcing the bearish reversal. The RSI reached oversold territory, with a reading below 30 at 08:45–09:00 ET, indicating potential for a short-term bounce. However, the RSI failed to show a strong bullish divergence, suggesting that bearish momentum remains dominant.

Bollinger Bands

Price action remained within a tightening Bollinger Bands channel for much of the session, with volatility increasing sharply as the bands expanded after 19:00 ET. The move below the lower band at 20:30 ET confirmed a bearish breakout, reinforcing the likelihood of further downside.

Volume & Turnover

Volume surged during the late and overnight sessions, especially around the key bearish reversal points (e.g., 19:45, 20:30, and 22:30 ET). The notional turnover also spiked during these periods, suggesting increased conviction in the downward move. However, price did not confirm any strong bullish divergence during these volume spikes, which aligns with the continuation of bearish sentiment.

Fibonacci Retracements

Applying Fibonacci levels to the recent 15-minute swing from 1.466e-05 to 1.44e-05, the price has extended below the 61.8% retracement level, suggesting deeper support may be found around 1.425e-05. On the daily chart, the broader retracement from the 2025 high suggests support around the 1.35e-05–1.37e-05 range.

Backtest Hypothesis

Given the presence of several bearish engulfing formations, particularly in the late session, a potential backtesting strategy could involve using these signals to enter short positions. However, the attempt to retrieve a pre-built “Bearish Engulfing” signal series for the BONK/USDT pair returned an error related to symbol resolution. This may be due to the need for a more precise ticker format such as “BONKUSDT.BINANCE” or a lack of data for the asset on the provider’s system. To proceed, one could either confirm the correct symbol format or provide a manually curated list of bearish engulfing occurrences for BONK/USDT to validate the signal’s effectiveness in this context.