BONK Faces Bearish Pressure: Will It Fade Lower or Fight Back for Gains?

The meme coin BONK is currently facing market challenges, with its price experiencing a downward trend. Recently trading around $0.00001176, it has since slipped to approximately $0.00001061. This article examines the technical indicators suggesting a bearish market for BONK and discusses potential price movements going forward.

Key Takeaways

BONK's recent trading price has declined from $0.00001176 to around $0.00001061.
The market cap is approximately $937.57 million, with a daily trading volume that has decreased over 32%.
Technical indicators paint a bearish picture, suggesting potential further declines in price.
Crucial support levels are identified, with $0.00001050 being a key testing point.
A reversal could lead to price increases, aiming for resistance at $0.00001072.

BONK Price Chart

BONK's Price Journey Faces Bearish Trends

The meme coin BONK started the day on a positive note, trading at around $0.00001176. However, the market quickly shifted as bearish sentiment took over, pushing the price down to a low of approximately $0.0000106. If this downward trend continues, BONK may face additional losses.

Current data from CoinMarketCap indicates that BONK is trading at around $0.00001061, with a market capitalization of $937.57 million. Additionally, the daily trading volume has significantly dropped by over 32%, now estimated at approximately $185.27 million.

Technical Analysis Indicates Bearish Pressure

An analysis of BONK’s performance over the last four hours reveals a significant bearish shift. The Moving Average Convergence Divergence (MACD) line is currently below the signal line, indicating that upward momentum is weakening. If this gap widens, it signifies ongoing downward pressure.

BONK Chart (Source: TradingView)

Furthermore, the Chaikin Money Flow (CMF) indicator shows a value of -0.20, reflecting considerable selling pressure in the meme coin market. Although capital is flowing out of BONK, the negative trend isn't extremely alarming. It indicates weak demand, which often leads to further price declines.

The current sentiment around BONK is assessed to be weak to neutral, as indicated by the Relative Strength Index (RSI) standing at 42.74. This suggests that BONK is not currently overbought or oversold, yet the slight bearish momentum means the price could continue to trend downward unless it breaks back above the 50 mark. The Bull Bear Power (BBP) reading is extremely close to zero at -0.00000117, indicating that neither buyers nor sellers have strong control over price movements, which may result in sideways trading until a definitive trend emerges.

Currently, BONK’s price chart shows a bearish correction, and the price may approach the key support level at $0.00001050. Should losses continue, it may trigger a "death cross," pushing the price below $0.00001039. Conversely, if BONK can reverse its momentum, the price might climb to meet the nearest resistance at $0.00001072. Sustained upward pressure could potentially initiate a "golden cross," with the price rising above $0.00001083.

Related Crypto News

Zcash (ZEC) recently stumbled by 18%. The question now is whether it can regain its footing, or if the downtrend is far from over.