Bonk Price Has Dropped Below Descending Triangle: What’s Next?

• The Bonk crypto price has declined by 42% in a week, indicating the seller’s dominance.
• The trading volume has dropped by 22% in the last 24 hours.
• Bonk coin crypto price has triggered a breakdown from the descending triangle. 

Bonk price chart displays that the bullish trend has disturbed from the $0.0000500 hurdle and performed negatively. The BONK crypto price recorded an all-time high of $0.0000480 on March 04, 2024, and it failed to sustain, and profit booking was seen, which led to a fall of 44% in just 3 days.

According to the technical chart, the Bonk coin price has been declining by forming higher lows. It has been unable to reach the last swing high, which shows the seller’s strength. It has witnessed intense selling pressure and has melted by 69% in the previous 45 days.

The current market price of Bonk is $0.0000149, up by 1.64% in the last 24 hours. The market capitalization is $973.16M, and the 24-hour trading volume is $110.79 million. The fully diluted market cap is $1.37 billion. 

The circulating supply is 65.19T, which is 69.71% of the total supply. The total and the maximum supply is 93.53T. According to the market cap, Bonk Crypto ranks 85th, and according to the trading volume, it ranks 73rd in the cryptocurrency market.

Regarding the technical indicators, the RSI is 33, which has slipped below the RSI-based moving average and is heading for the oversold zone. According to the RSI, a short-term bounceback can be expected. The Bonk coin price is trading below the significant moving average, showing the seller’s grip.

Bonk Crypto Volume vs Price Analysis

According to the given data, the trading volume has dropped from $280 million to $110 million in the last 3 days, affecting the price negatively. In a broader time frame, the trading volume has been declining for a month, leading to a bearish trend. Suppose the trading volume increases; it may help create a bullish momentum.

Bonk Crypto Social Dominance and Social Volume Analysis

The graph of social volume and social dominance indicates that awareness and interaction about Bonk crypto on social media like Instagram, X, and Telegram have decreased, impacting the price negatively. If the social dominance and social volume keep decreasing, the price may react negatively.

The Bonk Price is in Bearish Trend: Will It Defend the All-time Low?

The Bonk crypto price formed a descending triangle pattern on a daily time frame and triggered a breakdown. The price has faced resistance from the 20-day exponential moving average and melted by 40% in the last 8 days.

Currently, sellers are dominating, and the Bonk price is melting to a strong support level of $0.0000110. If the price fails to defend the $0.0000110 level, sellers may drag down the price to a new all-time low. If it reaches a new all-time low, it will be difficult for the buyers to dominate again.

On the other hand, if the Bonk coin price takes support on the $0.0000110 and bounces back, short-term buying can be detected. Suppose the price sustains over the 20-day EMA, and the chart structure manages to invite the investors; buying momentum for the long term can be seen.

Conclusion

The Bonk price has been in a bearish trend for the last few weeks. It declined by 40% last week. The BONK crypto reached an all-time high last month, but investors preferred to book profit, which has led to a bearish momentum. The Bonk price chart is showing intense selling pressure. It will record a new all-time low if it fails to defend the $0.0000110.

Technical Levels

Resistance: $0.0000210 & $0.0000340

Support: $0.0000150 & $0.0000110

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.