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- 1 The BONK asset is displaying bearish behavior and has several indicators that suggest that it has the potential to fall further.
- 2 The BONK crypto is down by 0.20% in the last 24 hours, trading at $0.00000991, and the price movement is showing that the sellers are dominant.
BONK crypto has been on a downward trend since the beginning of 2024. It has dropped from a key resistance level of around $0.00001800 on the chart.
The Bonk crypto is close to a major fall, as it faces the resistance level and makes lower lows. The sellers are trying to break the current support zone and the buyers are struggling to hold it.
The BONK crypto asset is showing strong bearishness and falling tendency as it has fallen below the dynamic supports of the 20-Day EMA bands. If the sellers increase their pressure, it could fall sharply.
The Bonk asset is also showing bearish signs as the MACD has a bullish cross and is below the zero line. The MACD value is -0.00000110, the signal line value is -0.00000118, and the histogram value is 0.00000008.
The RSI is dropping effortlessly, implying that the BONK crypto asset is losing momentum and can achieve new depths as it has already taken rejection from the 14- SMA. Meanwhile, the RSI curve is at 34 and the 14-Day SMA curve is at 37.
On overall analysis and past price action, the BONK asset is depicting bearish behavior and shows multiple gestures highlighting that it can fall further. Furthermore, it has attained bad performance in the last week, and last quarter by 11.56%, and 50.00% respectively, implying a stable downward direction.
At press time, the BONK crypto is experiencing a fall of 0.20% in the last 24 hours, trading at $0.00000991, and price movement is showing that sellers are dominant and this shows the possibilities to fall more.
Therefore, if the crypto price fails to stay above the $0.00000900 level, it could plummet further and reach lower depths.
However, if the demand for the BONK rises and surges with momentum, the asset price could spike from the current support level. The next target for the price would be $0.00003000 and the intermediate resistance would be $0.00001500.
Summary
Based on the overall analysis and the past price action, the BONK asset is displaying bearish behavior and has several indicators that suggest that it has the potential to fall further. It has also performed poorly in the last week and the last quarter, showing a consistent downward direction.
Therefore, if the crypto price cannot stay above the $0.00000900 level, it could plummet further and reach lower levels.
Technical Levels
Support Levels: $0.00000900
Resistance Levels: $0.00001500
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
