Market Analysis

BONK PRICE ANALYSIS & PREDICTION (December 28) – Bonk Turns Weak After Losing Half Of Its Value In Two Weeks, Can It Recover?

Following a 3% decrease in the meme coins market, Bonk saw a notable drop and lost more than half of its value in two weeks. This puts the token as the market top-loser with a 15% drop in the last 24 hours.

After reaching an all-time high of $0.000035 (Bybit) on December 15, Bonk quickly lost buzz with a long wick and closed that day below $0.000024. The price further dropped and tested the low of $0.00001486 today.

The price bounced a bit off that low but it currently looks weak on the daily scale. Although we may see more price recovery if the $0.000015 level holds as support. Currently, there are no signs of buyers in the market due to high volume outflow.

A push above the $0.000020 level could bring a full recovery back to the recent high. Not enough buying volume at the moment. As spotted on the daily chart, the volume indicator is still dropping by the day.

Having suffered a huge loss in the last two weeks, Bonk is likely to record more losses if the price continues to dip. Notwithstanding, Bonk remains the top gainer of the market with a 325% profit in the last 30 days.

BONK’s Key Level To Watch

Source: Tradingview

If the price manages to recover above the $0.000020 level, the key levels to consider as resistance are $0.000025 and $0.000030. A push above the $0.000035 level would validate a bullish continuation towards $0.0001 in the mid-term.

Inversely, Bonk currently sits on the $0.000015 level as support. If this level fails to produce a strong bounce, the lower support levels to consider for drawdown are $0.000010 and $0.00000575. 

Key Resistance Levels: $0.00002, $0.000025, $0.000030

Key Support Levels: $0.000015, $0.00001, $0.00000575

  • Spot Price: $0.0000156
  • Trend: Bullish
  • 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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Image Source: calima3d/123RF // Image Effects by Colorcinch

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