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The Bonk price plunged more than 5% over the past 24 hours to trade at $0.00001322 at press time.
Bonk Price Retesting Key Support
Daily chart for BONK/USDT (Source: TradingView)
The Bonk price dropped out of a rising wedge pattern that formed on its daily chart. As a result, the meme coin is now retesting the $0.0000128480 support levels. A drop below this significant mark in the next 48 hours could put BONK at risk of falling to the subsequent support level at $0.0000088550 in the following week. In an extremely bearish scenario, the Bonk price may fall to as low as $0.0000051340 in the short to medium term.
The bearish thesis may be invalidated if BONK rebounds from the $0.0000128480 support level in the coming 48 hours. In this alternative scenario, the Bonk price could begin climbing to the next major resistance level at $0.0000192765. A break above this threshold will be a significant bullish development, and could clear a path for the crypto to rise to $0.0000290295 in the following couple of days.
Bonk at Risk of Dropping Further
Technical indicators on BONK’s daily chart are flagging bearish. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) indicators suggest the Bonk price may drop in the next 48 hours.
The MACD line is dropping towards the MACD Signal line, which could be an early sign of the Bonk price entering into a bearish cycle. In addition to this, the RSI is dropping towards its Simple Moving Average (SMA) line. An intersection between these two lines could signal that sellers have gained the upper hand against buyers.
The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Ecoinimist is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
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