BONK Price Struggles To Break Its Crucial Level! Memecoins On Path To Hit New Low?

The post BONK Price Struggles To Break Its Crucial Level! Memecoins On Path To Hit New Low? appeared first on Coinpedia Fintech News

Despite the increased market volatility, the memecoins continue to display bearish sentiment, highlighting a rise in the disinterest of the investors in it. Further, the BONK price has lost over 7% within the past day and has lost approximately 23% over this month.

The BONK price started the month on a positive note, due to the increased price volatility, the market sentiments experienced a sharp u-turn, resulting in this memecoin recording a correction of approximately 38% in valuation within the next few days.

TradingView: BONK/USDT

After testing its low of $0.000009635, the bulls regained momentum and recorded a jump of over 34%, before facing rejection at $0.000012764. As the market volatility grew, the BONK token jumped over 32% over the next few days.

Following this, the BONK memecoin faced rejection at $0.000016876 and it constantly traded under a bearish influence for a brief period, resulting in it erasing approximately 43% in valuation during this time.

Since then, the price has been constantly trading in a closed range between $0.000011198 and $0.000012764, indicating a neutral sentiment in the crypto space.

Will BONK Price Regain Value?

The technical indicator, RSI, displays a sharp drop in the chart, highlighting an increased bearish influence in the market. Further, the averages show a bearish curve, suggesting the price will continue losing value in the coming time.

If the market pushes the price above the resistance level of $0.000011198, the bulls will regain momentum and the BONK price will test its resistance level of $0.000012764. If the bulls hold the price at that level, it will attempt to test its upper resistance level of $0.00001408.

Conversely, if the bears overpowered the bulls, it will fall to test its support level of $0.000009635 soon. Moreover, if the market continues to lose momentum, it will further plunge and prepare to test its lower support level of $0.000008018 in the coming time.