Several meme coins are in a serious dip, along with Bonk, which is now trading at a critical level. While volatility appears extremely low for a couple of days, it is now trading flat on the daily chart.
Losing over half of its valuation in the last three months, Bonk appeared highly bearish on a daily chart with no signs of strength at the moment.
This week saw the asset through another crash to around $0.00001, and the price remained very calm with little-to-no movement in the past few days. This lack of interest reveals an extreme drop in the volatility.
Aside from that, the recent low is now considered a key trading level for the next major move. Though the price may have bounced slightly into the $0.000012 range, but it is noteworthy to say that Bonk is negotiating the next move from a technical standpoint. A surge from this range will likely determine the next direction of the market.
If the price goes up, we may see a strong retracement towards $0.00002 before losing momentum again. Retracing above this price level could bring more recoveries. Otherwise, Bonk may extend bearishness with a big collapse into $0.000005 on the mid-term scale.
Whichever way, it remains bearish on the daily chart while trading flat. So far, it has registered over 30% loss since the start of the year.
Source: Tradingview
While Bonk trades flat, the potential resistance level for an increase is $0.0000156 along with $0.0000197. If these price levels fail to reject, the next resistance to watch for a test would be $0.0000244.
If the price dips, especially below the holding $0.00001 level, a new low may come around $0.000009 and potentially $0.000008 in the near term.
Key Resistance Levels: $0.0000156, $0.0000197, $0.0000244
Key Support Levels: $0.00001, $0.000009, $0.000008
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
Follow us on Twitter @themerklehash to stay updated with the latest Crypto, NFT, AI, Cybersecurity, and Metaverse news!
The tokenized equities sector is accelerating rapidly, and xStocks has now crossed a defining milestone:…
Coinbase-incubated Layer 2 network Base is entering a new phase of its development, moving toward…
Zora has officially launched its new “attention market” on the Solana blockchain, marking a bold…
The XRP Ledger has introduced a new on-chain trading framework that signals a notable shift…
A new milestone in the evolution of crypto investment products is set to unfold as…
A major milestone is unfolding in the blockchain economy as Polygon records a historic “flippening”…