Amid the latest sharp market decline, meme coins are posting a huge loss as they largely resume their correction. Bonk suffered the most losses among the top ten, down 16% since yesterday.
The last 24 hours have been eventful in the crypto space following a sudden drop in altcoin prices. This happened after Bitcoin shaved $5,000 off its opening price during yesterday’s trading.
This drop seriously affected Bonk’s recovery, and the price plunged beyond the $0.00003 level to test the $0.000028 region today. Supply currently appears plentiful and there is no sign of the bleeding slowing.
After the breakdown, Bonk could target the $0.00002 level which became resistance during the November 2024 rally. Although this level is marked as a fair value gap. A retest there could bring back buying.
Nonetheless, Bonk’s trajectory is still considered bullish in the long term. A strong bounce should put the bulls back on track after witnessing a broader correction.
Although the overall market structure still ensures greater upward movement on a macro scale. But looking at the pattern, this could mark the end of the last phase of the uptrend if the ongoing bearish move extends below the August 2024 low.
The key BONK level to watch
Source: Commercial view
Now that the price is broadly correcting, Bonk Inu could navigate towards the $0.000025 support level in the near term before testing the main $0.0000212 level. Below that is $0.0000184.
Currently, the broken $0.00003 level serves as key resistance for a potential recovery. Above is the $0.0000369 resistance level which activated a sell-off yesterday. Recovery from these levels should activate a new buying phase at $0.0000444 and $0.00006.
Key Resistance Levels: $0.00003, $0.0000369, $0.0000444
Key Support Levels: $0.000025, $0.0000213, $0.0000184
- Spot price: $0.0000294
- Trend: bullish
- Volatility: high
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in stocks.
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