Bonk appeared to be resuming bearish correction again after staying calm for a week. A clear break below the key $0.00001 support level may trigger a huge drop. Selling pressure appears low at the moment.
After correcting by more than 30% to $0.0000093 earlier this year, Bonk bounced and found support above the $0.00001 level. The correction temporarily stopped and the price remained well above this level.
This key support level, which has been a critical point for the bears’ next move, appears to be slowly losing grip on the lower timeframe. The bulls are failing in their defence due to weakness, and as a result, they may completely lose this level to the bears soon.
If such a scenario plays out, we may see a big dump into the $0.000005 range in the next couple of weeks as a continuation of the bearish correction. It may even drop below the mentioned level if Bonk’s supply level continues to increase.
A quick recovery from this key support could restore bulls’ hope. If they act upon it well, we may see a little increase before it resumes proper selling. But if the bulls manage to push the price above last December’s high, that should signal a fresh rally from a mid-term perspective.
Looking at the bigger picture, there’s still room for drops on the daily chart. Howbeit, Bonk technically remains weak and at the same time bearish from a short-term perspective.
BONK Key Level To Watch
Source: Tradingview
Since the start of the year, Bonk has held the $0.0000127 and $0.000018 levels as resistance. If the price recovers and flips through these resistance levels, the next level to watch would be $0.0000215.
Following the latest drops below $0.00001, the potential support levels to watch on the way down are $0.0000575 and $0.0000366. There’s also support at $0.000001 in case of more dips.
Key Resistance Levels: $0.0000127, $0.000018, $0.0000215
Key Support Levels: $0.00001, $0.00000575, $0.000001
- Spot Price: $0.00001
- Trend: Bearish
- Volatility: Low
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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