Bonk faces a 13.6% decline in the past 24 hours but shows signs of recovery with support at 0.00001139.
Analyst predicts Bonk could rise by 83.16% if it breaks resistance at 0.00001177. Bonk (BONK) has experienced a price decline, trading at $0.00001166, marking a 13.6% drop over the past 24 hours. The token reached an intraday high of $0.00001334 and a low of $0.00001154 during this period, reflecting continued volatility in the market. Despite an overall market cap of $906.47 million, the recent price drop has brought attention to the fluctuating liquidity of the token. A trading volume of $118.66 million signals that market participants are actively trading, but the market remains uncertain, contributing to the current bearish sentiment.
Crypto analyst Kingpin Crypto suggests that Bonk may be nearing its bottom. Recent price action has formed swing failure patterns (SFPs), indicating the potential for a reversal. If Bonk can break its current bearish structure, it could emerge as a strong candidate for a bottomed memecoin, signaling a possible recovery. Kingpin Crypto, however, is cautious, noting that the token’s past volatility has often led to extreme price swings. He hopes that this time, Bonk will experience a more stable uptrend, avoiding the usual unpredictable price movements that have defined its history.
Investor Confidence Grows as Bonk Shows Potential for Growth
Recent data indicates growing investor confidence in Bonk, with a notable $2.6 million BONK being moved to non-custodial wallets. This suggests that investors are choosing to hold the token long-term rather than engaging in short-term trading, which is seen as a positive indicator of faith in Bonk’s potential. In addition, crypto analyst Crypto_CB has pointed out that Bonk could experience significant growth if it follows a steady upward trend. The analyst predicts that Bonk could see an 83.16% rise if it breaks its current resistance, with the potential to reach new highs. This growth outlook is fueled by the token’s growing investor base and market liquidity.
Source:X
Key Price Levels for Bonk: Support at 0.00001139, Resistance at 0.00001177
The technical chart for Bonk reveals a slightly bearish trend. The Relative Strength Index (RSI) is currently at 46.42, suggesting that the market is in a neutral state, neither overbought nor oversold. The Chaikin Money Flow (CMF) stands at -0.06, pointing to a slight outflow of capital, which adds to the bearish market sentiment.
Source:TradingView
Bonk’s support levels are $0.00001139, while resistance is $0.00001177. Breaking above the resistance allows Bonk tokens to progress towards a new price area of $0.00001218. If Bonk’s price breaks the $0.00001139 support level, its next target will be approximately $0.00000923. The present market environment suggests Bonk will maintain lateral price action until a clear price trend is established during the next few days. Market participants focus on these price points to understand where Bonk tokens are heading next.
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