BONK Price Records Bearish Reversal! What’s Next For This Solana-Based Memecoin?

The post BONK Price Records Bearish Reversal! What’s Next For This Solana-Based Memecoin? appeared first on Coinpedia Fintech News

After trading positively over the weekend, the BONK price has recorded a negative start to this week by experiencing a correction of approximately 12% to its portfolio within the past 24 hours, further making it the top loser of the day.

The BONK price traded in a closed range between $0.000013670 and $0.000014640 for a brief period, following which the market volatility increased, and the memecoin recorded a correction of approximately 16% in valuation within the next few days.

After this, the price traded sideways between $0.00001301 and $0.000011994, displaying a weak price action. The bulls struggled to push the price above the resistance level of $0.000011994, resulting in a price breakdown.

TradingView: BONK/USDT

The BONK memecoin recorded another correction of approximately 16%, but the bulls held the price high above the support level of $0.000009635, resulting in a bullish reversal. The memecoin constantly traded in an ascending channel pattern and added over 25% in just five days, after which the price faced rejection at $0.000012764.

After this, the price traded sideways, highlighting weak buying and selling pressure for the coin. As the market volatility grew, the price experienced another correction and traded between $0.000009635 and $0.000010437 for the next week.

Recently, after multiple failed attempts, the bulls regained power, successfully broke out of the resistance level, and jumped approximately 31% within the next two days. Following this, the price faced rejection at $0.000013670 and has been trading under a bearish influence since then.

Will BONK Price Go Up?

The Moving Average Convergence Divergence (MACD) displays a rise in the negative histogram, indicating an increase in the selling pressure within the market. Further, the averages show a bearish convergence, suggesting the price will continue experiencing a correction in the coming days.

If the market holds the price above the support level of $0.00001199, the BONK price will regain momentum and retest its resistance level of $0.000012764 this week. Maintaining the price at that level will set the stage for Bonk memecoin to attempt to test its upper resistance level of $0.000013670 in the upcoming weeks.

Conversely, if the bears continue to overpower the bulls, the Memecoin will prepare to test its support level of $0.000011994. Moreover, if the bulls fail to regain momentum, the Bonk token will plunge and prepare to test its lower support level of $0.000011301 this month.