Bonk Price Declined By 40% In 2 Weeks; Will It Reach 200-Day EMA?

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  • The Bonk price has slipped below the 20-day EMA and is heading for the 200-day EMA level.
  • MACD has developed a death crossover with the Signal line.

In a broader time frame, the Bonk crypto price has been in a bullish trend. However, the sellers have dominated in the short term and dragged the price below the 20-day EMA.

The chart structure suggests that the price has risen by forming higher highs and higher lows. In the last week of June, the BONK price recorded a new high, and profit booking was spotted. 

Bonk crypto price has dropped by 40% from its recent higher high till now and is heading for a new higher low. The new higher low is likely generated on the 200-day exponential moving average. The trading volume has dropped by more than 70% in the past 2 weeks.

Based on technical indicators, the MACD has triggered a bearish crossover with the Signal line. The RSI is at 42 and has slipped below the RSI-based moving average. Overall, the technical indicators support a bearish forecast.

Price vs. Social Dominance Analysis

According to the data, the interactions on social media platforms like Instagram, X, and Telegram have decreased. It has impacted the price negatively, and a rapid fall has been seen. If the engagement on social media about Bonk crypto increases, it may positively affect the price.

Is History Going to Repeat Again?

A source on ‘X’ suggests that the retest is in progress in the Bonk crypto price chart over a monthly time frame. Historically, the price has triggered a pullback and risen by around 100%. The BONK price is taking a pullback on the monthly time frame and is expected to perform positively next month.

Will the Bonk Price Record a New All-time High Next Month?

At press time, the Bonk price traded at $0.0000277 with an intraday gain of 2.24%. The market capitalization is $1.89 Billion, and the 24-hour trading volume is $280.45 Million. The circulating supply is 67,902,548,387,137 BONK, and the total supply is 93,033,612,074,235 BONK.

The Bonk crypto price has been bullish since November 2023 and has risen by taking pullbacks. The digital asset price has slipped below the 20-day EMA and is heading for the 200-day EMA.

Buyers can be attracted if the price falls to the 200-day EMA and forms any reversal candlestick. Suppose the price bounces back and exceeds the 20-day EMA, strong buying pressure can be observed.

On the other hand, the price below the 200-day EMA might be a bearish sign, and further, the price may perform negatively. The chart structure shows that the price below the $0.0000130 level may lead to strong selling pressure.

Conclusion

Based on the technical analysis and social dominance data, the Bonk crypto price is currently in a bearish trend, with the potential for further downside movement. The price has declined significantly, triggering bearish indicators such as the MACD death crossover and decreased social media interactions. 

It had a negative impact on the price. The price is currently heading towards the 200-day EMA. If it fails to find support at this level, it may lead to further selling pressure.

Technical Levels

During the bullish momentum, the Bonk price is about to face resistance from the $0.0000340 and $0.0000440 levels. It might take support at the $0.0000220 and $0.0000140 mark.

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.

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