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- 1 The BONK token price plunged toward its crucial support zone of $0.00002400.
- 2 Technical indicators are suggesting a correction ahead.
The BONK price has dragged to the trendline support region near $0.00002400 and is hovering close to the 100-day EMA mark. A symmetrical triangle pattern was noted, and the token is in a make-or-break situation. The price action signifies a retracement move, and the token will extend the lower low structure toward the 200-day EMA mark ahead.
At press time, the Bonk Token (BONK) price was trading at $0.00002388 with an intraday gain of 1.53%, reflecting neutrality on the charts. It has a monthly return ratio of -28.70% and 24.30% on a yearly basis. The pair of BONK/BTC is at 0.0000000335 BTC, and the market cap is $993.81 Million. Analysts are neutral and suggest that the BONK token may face bearishness and will soon retest the demand zone of $0.00001500.
BONK Price Volume Profile on a Daily Timeframe
The price chart of the BONK token signified a down move and plunged to its 100-day EMA mark, guiding a retracement price action. However, the token has taken support on its trendline and awaits a rebound. Furthermore, the bulls are trying to accumulate, and low investor interest is displayed on the charts. The intraday trading volume spiked over 38.90% to $993.81 million, signifying sellers’ intention to push the price ahead.
Bonk Price Volatility and Weighted Sentiment Analysis
Amidst the price decline, the volatility remained average and stayed below the midline, around 0.016. Similarly, the weighted sentiment data noted a decline and dragged to the negative region at around -0.546.
Social Dominance and Twitter Followers’ Insights
The above data showcased the social dominance and Twitter follower insights replicating the average movement, and a dip of over 2.21% was noted this week. However, the Twitter followers’ data revealed an up move and surged over 44.90% to 7073.
What Do Whales Activity Data and the RSI Indicate?
Per the Santiment data, the percentage of stablecoin total supply held by whales is noted to have surged by over 2.90% this week. However, the value remained close to the midline near 56.62. Similarly, the RSI curve stayed near the midline region and reflected a bearish crossover on the charts.
Per the Fib levels, the BONK price has slipped below the 38.2% zone and is trading near the 23.6% crucial support zone close to the lower Bollinger band region. However, the MACD indicator shows a bearish crossover and suggests underperformance for the subsequent sessions.
The total supply of the BONK token is 99.19 trillion, whereas the volume-to-market cap ratio is 0.0127, and it ranked 112 in terms of market cap in the global crypto market.
Summary
The BONK token price is trading in the bearish region and is hovering near the 100-day EMA, guiding bearishness. Moreover, the trend favors the sellers, and the token may extend the correction.
Technical Levels
Support Levels: $0.00002300 and $0.00002100
Resistance Levels: $0.00002500 and $0.00002700
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
