Despite the market being more unpredictable lately, memecoins are still showing a negative outlook, indicating that investors are becoming less interested in them.
Additionally, the price of BONK has dropped by more than 7% in the last day and has fallen around 23% over the past month.
BONK Price Movement: A Rollercoaster Ride
The month began positively for the BONK price, but increased market volatility swiftly changed sentiments, leading to a sharp downturn. Within days, this memecoin experienced a correction of around 38% in its value.
BONK/USDT – Source: TradingView
After hitting a low of $0.000009635, bullish momentum kicked in, driving a surge of over 34%. However, this momentum faced resistance at $0.000012764. As volatility persisted, BONK saw another jump of more than 32% in the following days.
Despite reaching $0.000016876, BONK encountered rejection and entered a brief bearish phase, resulting in a loss of approximately 43% in value. Since then, the price has traded within a narrow range of $0.000011198 to $0.000012764, indicating a neutral sentiment prevailing in the crypto market.
Technical Analysis and Price Forecast for BONK
The technical indicator, RSI, demonstrates a significant decline on the chart, indicating a heightened bearish influence in the market. Additionally, the moving averages depict a bearish curve, suggesting that the BONK price is likely to continue depreciating in the near future.
Price Outlook: Potential Scenarios
If the market manages to push the price above the resistance level of $0.000011198, the bulls are expected to regain momentum, leading to a test of the resistance level at $0.000012764. Further upward movement could see the price attempting to reach its upper resistance level of $0.00001408.
On the other hand, if the bears dominate and overpower the bulls, the price may fall to test its support level of $0.000009635 soon. Moreover, if the market experiences a sustained loss of momentum, it could further decline and prepare to test its lower support level of $0.000008018 in the foreseeable future.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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