Technicals Warn the Bonk Price Might Plunge to $0.00002158
The Bonk price dropped 3% over the past 24 hours to trade at $0.00002383 at press time.
With this recent 24-hour loss, the meme coin’s weekly performance has been nudged further into the red zone. The BONK price is down more than 12% over the past 7 days as a result.
The Bonk Price Testing Key Support
The Bonk price has entered into a consolidation phase between $0.00002333 and $0.00002582 after escaping a steep descending triangle in the last couple of days. However, traders have recently started to dump the meme coin again, which could lead to it losing the $0.00002333 support.
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A break below this level will expose BONK to the risk of potentially dropping further in the following 24 hours. Traders might subsequently enter into a short position for the crypto. This potential sell pressure could then force the Bonk price down to the next crucial support level at $0.00002158 in the short term.
On the other hand, BONK maintaining a position above the $0.00002333 support for the next 24 hours might invalidate the bearish thesis. In this alternative scenario, the Bonk price could rise to the immediate resistance level at $0.00002582.
If the meme coin closes a 4-hour candle above the upper barrier of the consolidation range, it might have a strong technical foundation to rise from in the following couple of days. Bulls could then decide to capitalize on the opportunity. They might subsequently push the Bonk price up to as high as $0.00002748 in the short term.
Technicals Flash Sell
Technical indicators on BONK’s 4-hour chart warn the Bonk price might continue to drop in the coming 24 hours. This is after sellers recently gained the upper hand against buyers, as evident by the RSI’s cross below the Simple Moving Average (SMA) line over the past 24 hours.
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Meanwhile, the Moving Average Convergence Divergence (MACD) is on the verge of triggering a major bearish technical flag. Throughout the past day of trading, the MACD line has collapsed towards the MACD Signal line. Now, the two lines are almost about to cross.
An intersection between these two lines in the coming 24 hours could be seen as an indication that the crypto has entered a negative cycle. As such, the Bonk price might drop to the $0.00002158 support if this technical flag is validated.
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