Advancing bearishly weekly, Bonk charted a major loss in the past month and now looks highly bearish on the intraday trading. It may revisit the April low if the bulls fail to intercept the current drops.
For over a month, Bonk’s price has been on a steady decline following a sudden price rejection at $0.000026 in mid-May. This led to a significant deduction and it closed that month well under the $0.00002 level.
Reiterating negative actions this month, it broke lower and fell to a low of $0.000014 level last Friday, as it forms a new bearish pattern on the daily chart. Rejecting that low sharply, it consolidated throughout last weekend and closed relatively calmly.
Holding the low as support, volatility increased on Monday, and the price rose to the $0.000016 level, raising bulls’ hope for a strong recovery. Unfortunately, the recovery didn’t last as the bears stepped back and the price dropped, leading to more bullish traps.
That interception triggered another weekly drag down and the price dips. As of now, it looks poised for more drops. Further drawdowns from the current trading level could cause a severe bloodbath before halting the sell.
From a technical standpoint, the bears will likely have the upper hand in the next few days. Meanwhile, the bulls are struggling to step back. If they manage to intercept the latest move, we can expect relief in the selling pressure.
BONK’s Key Level To Watch
Source: Tradingview
The closest level for selling right now is $0.000013. If the price fails to bounce this key level, the lower support level to keep in mind would be $0.0000114, April’s pullback level. Losing it could reset the market to the $0.0000089 support, marked as April’s low.
Aside from the current weekly $0.000016 high, higher resistance levels to keep in mind for a slight shift are $0.0000183 and $0.0000244. The $0.0000314 level is the next resistance to watch in case of a breakout.
Key Resistance Levels: $0.0000183, $0.0000244, $0.0000314
Key Support Levels: $0.000013, $0.0000114, $0.0000089
- Spot Price: $0.0000139
- Trend: Bearish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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