Among the top five meme coins, Bonk saw the most gain today following the latest recovery across the crypto space. However, it remains bearish and currently looks weak due to a slight rejection.
Bonk’s volatility has been in favour of the bulls for some days now even though their commitment is not strong enough to put them back on track on the daily scale. The current retracement phase appears weak with choppy price actions due to low demand.
A significant increase above the monthly high should trigger a major rally before meeting resistance. Such a rally should suspend short-term bearish for a while before rolling back. This could launch a mid-term bearish move if the price breaks down the monthly low.
Looking at the market structure, the meme coin is still considered highly bearish on the daily chart. As we can see, it still maintains a lower low and lower high pattern on the daily chart. Though the price is currently weak due to a rejection. If this leads to another selling, we can expect a bigger loss in the next coming hours.
While its short-term outlook remains bearish despite witnessing a slight bounce in the past few days, Bonk may see more recovery if the demand level increases.
Source: Tradingview
If the latest rejection leads to a drop, the potential support level to watch for a test would be $0.0000089. An extension below this level could slip the price to $0.000008 and maybe $0.000007 in the future.
A further increase could bring more recoveries to the $0.0000156 level. Higher resistance levels to consider for a test are $0.0000197 and $0.0000244.
Key Resistance Levels: $0.0000156, $0.0000197, $0.0000244
Key Support Levels: $0.0000089, $0.000008, $0.000007
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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