Bonk Price Prediction: New Technical Obstacle Forms on BONK’s Charts After It Drops 2%

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The Bonk price dropped 2% over the past 24 hours to trade at $0.00001016 at press time.

The Bonk Price Forms a New Trend Line

Daily chart for BONK/USDT (Source: TradingView)

The Bonk price continues to trade within the consolidation zone between $0.0000088550 and $0.0000128480. There is now also a new negative trend line that has formed on the meme coin’s charts, adding a fresh technical obstacle for BONK to overcome. Should this descending line keep pushing the Bonk price down, the crypto could lose the crucial support level at $0.000008850. This could then expose it to the risk of falling to as low as $0.0000051340 in the following few days.

The bearish thesis could be invalidated if the Bonk price breaks above the negative trend line that has emerged. After this, BONK will then need to overcome the $0.0000128480 resistance level as well. Once it has cleared these two major technical barriers, it may have the foundation needed to rise to $0.0000192765. Should bulls persist, the meme coin could even climb to as high as $0.0000290295 in the short to medium term.

Bears Have a Slight Upper Hand

Technical indicators on BONK’s daily chart suggest that sellers have the advantage over buyers. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) are flagging slightly bearish. The RSI is currently positioned below its Simple Moving Average (SMA) line. This could be a sign that bears are stronger than sellers. In addition to this, the MACD line is positioned slightly below the MACD Signal line. Traders may see this as an indication that BONK is in a negative cycle.

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.

Author

Steven Walgenbach

Steven's passion for cryptocurrency and blockchain technology began in 2014, inspiring him to immerse himself in the field. He notably secured a top 5 world ranking in robotics. While he initially pursued a computer science degree at the University of Texas at Arlington, he chose to pause his studies after two semesters to take a more hands-on approach in advancing cryptocurrency technology. During this period, he actively worked on multiple patents related to cryptocurrency and blockchain. Additionally, Steven has explored various areas of the financial sector, including banking and financial markets, developing prototypes such as fully autonomous trading bots and intuitive interfaces that streamline blockchain integration, among other innovations.

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