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!
Bitget officially launched pre-IPO access to OpenAI via its IPO Prime platform which deepens their…
Tether's presence in decentralized tech space is growing due to the launch of its developer…
While challenges remain, the decentralized finance sector is moving forward, and Huma Finance's exploit serves…
Chainlink is continuing its mission to be the most widely integrated infrastructure in crypto, adding…
A vulnerability in one of the core DeFi protocols on Sui Network exposes the ecosystem…
Polygon has made a big move in cementing its mission as one of the leading…