BONK Price Prediction: BONK Plunges 10% After It Failed to Reclaim a Key Support

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The BONK price plummeted more than 10% over the past 24 hours to trade at $0.00001234 at press time.

BONK Price Fails to Establish a Position Above Key Resistance

Daily chart for BONK/USDT (Source: TradingView)

The BONK price managed to break above the $0.0000128480 resistance level over the past couple of days, but was not able to establish a position above the key price point. As a result, the memecoin’s break above the threshold was short-lived, and the Solana memecoin retraced back within the historic buy zone between $0.0000088550 and $0.0000128480.

Should sellers continue to sell their BONK holdings, the crypto may correct to the $0.0000088550 support. In an extremely bearish scenario, the altcoin may fall to as low as $0.0000051340.

This bearish thesis could, however, be invalidated if the BONK price manages to close a daily candle above $0.0000128480 in the next 48 hours. In this alternative scenario, the crypto may rise to as high as $0.0000192765 in the following few days. Continued buy pressure may even boost the BONK price above this point to reach as high as $0.0000290295 in the short term.

BONK’s Positive Trend May Reverse Soon

Technical indicators on BONK’s daily chart signal that BONK is currently in a bullish cycle, but that the crypto’s positive momentum has simmered down. The Moving Average Convergence Divergence (MACD) line is leveling off above the MACD Signal line. If the gap between these two lines starts to narrow, it may indicate the altcoin’s bullish trend is undergoing a bearish reversal.

Buyers also have the upper hand against sellers on BONK’s daily chart. This is evident by the Relative Strength Index (RSI) being positioned above the Simple Moving Average (SMA) line. However, the RSI has also started to level off above the SMA line, which could suggest bulls may start to lose some of their strength against bears soon as well.

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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