Market Overview for Bonk/Tether (BONKUSDT) – 2025-11-06

Summary
• Price opened at 1.212e-05 and closed at 1.17e-05, with a high of 1.237e-05 and a low of 1.15e-05.
• Strong volatility seen in the first half of the session, followed by a bearish reversal.
• Volume surged above 50 billion, but price failed to hold above 1.22e-05 after 12:00 ET.
• RSI entered oversold territory toward the close, suggesting potential bounce.

Bonk/Tether (BONKUSDT) opened at 1.212e-05 on 2025-11-05 at 17:00 ET and closed at 1.17e-05 at 12:00 ET on 2025-11-06. The 24-hour high was 1.237e-05 and low was 1.15e-05. Total volume reached 597.47 billion, with notional turnover surpassing $7.47 billion. The price trended higher initially but reversed sharply in the final hours, signaling bearish momentum.

The price formation showed a series of bullish and bearish reversals early in the session, with a key resistance at 1.237e-05 and support at 1.21e-05. A potential bearish engulfing pattern appeared after 18:00 ET, which confirmed the shift in sentiment. As the session progressed, the price tested previous support levels, with 1.17e-05 acting as a final line of defense.

Structure & Formations

Key resistance levels to watch include 1.237e-05 and 1.25e-05, both of which have acted as price ceilings in the past 24 hours. Support appears consolidated at 1.17e-05 and 1.15e-05, where the price found a floor in the final candle. A notable bearish engulfing pattern emerged between 18:00 ET and 20:00 ET, which could indicate increased bearish control if not invalidated by a strong recovery above 1.23e-05.

Moving Averages

The 20-period and 50-period moving averages on the 15-minute chart crossed to the downside during the reversal phase, confirming bearish momentum. The 200-period daily moving average is currently above 1.22e-05, indicating a longer-term bearish bias. A retest of the 20-period line may trigger a short-term bounce or further breakdown.

MACD & RSI

The MACD line crossed below the signal line around 19:30 ET, aligning with the bearish turn in price action. The histogram has been shrinking, suggesting momentum is exhausting at lower levels. RSI is now in oversold territory near 30, which may hint at a possible short-term rebound but should not be seen as a guaranteed reversal.

Bollinger Bands

Price action has shown signs of volatility expansion, with the bands widening as the session progressed. The close is near the lower band of the Bollinger channel, suggesting a potential rebound is in play. However, a break below the lower band would confirm further bearish pressure.

Volume & Turnover

Turnover spiked above $7.47 billion, indicating strong market participation, especially in the final 6 hours of the session. However, volume diverged with price; as the price fell, volume increased, which could indicate aggressive shorting. This divergence may either signal exhaustion or a continuation of the downtrend.

Fibonacci Retracements

Applying the 38.2% and 61.8% Fibonacci retracement levels to the 24-hour swing from 1.15e-05 to 1.237e-05, key levels are 1.194e-05 and 1.176e-05. The price is currently testing the 61.8% level, and a break below that would aim for the 1.15e-05 support zone.

Backtest Hypothesis

The potential Bullish Engulfing pattern identified during the 18:00–20:00 ET window suggests a possible entry point for a short-term reversal trade. A strategy could be built around this formation by entering on the close of the engulfing pattern and exiting after 3 or 5 days. This would allow testing for both short-term countertrend and trend-following performance. Using this setup, the strategy would need to be evaluated against the 20-period moving average as a dynamic stop-loss and the 61.8% Fibonacci level as a target. Performance metrics such as cumulative return, win rate, and max drawdown will be crucial in determining the strategy's robustness.