As top memes tokens bounced back in the latest market recovery, Bonk saw the most daily gains among the top 10 with a traded volume of $450 million in the last 24 hours. It remains bearish but poises for an increase on the hourly chart.
After losing more than half of its valuation in three weeks, Bonk tested a low of $0.0000093 and quickly bounced back above the $0.00001 level yesterday. While holding this level as temporal support, the price increased and touched the $0.000013 range earlier today.
Adjusting to the hourly chart, the price looks strong and set for a small recovery. However, things are still looking dicey for the Solana-based meme token as the buyers are not showing strong commitment at the moment.
If the buyers regroup well in the next few days, we can expect a notable recovery in price before resuming drops. A push above last month’s high will validate a breakout for a mid-term bull run.
But looking at the price actions from a technical standpoint, the bearish party is not over yet. The price is more likely to roll back after a short relief. If such setups come into play, Bonk could lose the current holding support and look for another solid ground level.
Regardless of the above, the meme token is technically bearish from a short-term perspective.
BONK’s Key Level To Watch
The price is currently charging towards the $0.00015 resistance level. If the price increases above this immediate resistance, the next level to keep in mind for a test is $0.00002, followed by $0.000025 in no time.
While the $0.00001 level has provided support since yesterday, a crack below it could trigger more dips to $0.00000575 and potentially $0.000001 in the long run.
Key Resistance Levels: $0.000015, $0.00002, $0.000025
Key Support Levels: $0.00001, $0.00000575, $0.000001
- Spot Price: $0.0000127
- Trend: Bearish
- 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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