- The Bonk crypto price has slipped below the 20-day moving average.
- BONK cryptocurrency’s price has dropped by 20% in the last 10 days, indicating bearishness.
The Bonk (BONK) price has been in a strong bearish trend since December and has declined by 49% till now. On a wider time frame, the BONK price has been in a bearish trend and recorded an all-time low of $0.00000933 on January 08, 2024.
On January 08, 2024, the BONK price took support on the $0.0000100 and took a reversal. It then jumped by 93% in just 3 days. In the next two weeks, the price again melted to the support level of $0.0000100 and formed a hammer candlestick, which led to a reversal for the short term. The sellers tried again to register a new all-time low, but buyers were strong enough, defended the support level, and lifted the price to the resistance level of $0.0000145.
The current market price of Bonk is $0.0000119 with an intraday gain of 0.34%. The market capitalization of $727.79 million and the 24-hour trading volume is $66.59 million, which has increased by 37%.
Technical Analysis of the BONK Price on Daily Timeframe
On a daily time frame, the BONK crypto price has been in a consolidation phase, which has recently slipped below the 20-day moving average. Currently, the price is trying to hold near the $0.0000110 and heading for the 20-day EMA.
If the Bonk crypto price surpasses the 20-day EMA and sustains, the buyers may lift the price to the resistance level of $0.0000150 in the next few weeks. Near the resistance level, sellers may try to pull the price but if the buyers manage to sustain and give a breakout after consolidation for some time, bullish momentum for the next few months can be observed.
If the price faces resistance from the $0.0000150 mark and falls, it may consolidate in the parallel channel for the next few months.
As per the technical chart, the price is heading for the 20-day EMA. If the BONK price faces resistance from the moving average, it will fall to the support level of $0.0000100. However, if the price fails to defend the $0.0000100 mark, it will record a new all-time low bearish trend for the long term.
Conclusion
On a wider timeframe, the Bonk price has witnessed selling pressure and has declined by 49% till now. After strong selling pressure, the BONK crypto price has formed a parallel channel on the bottom and buyers are trying to defend the support level of $0.0000100. For the last 10 days, the Bonk price has dropped by 20% and it went below the 20-day moving average, indicating bearish momentum.
Technical Levels
Resistance: $0.0000145 & $0.0000165
Support: $0.0000110 & $0.0000100
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.