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Bonk has gone through a recession and has slid to the crucial price of $0.00002635 as bearish forces take control. This level could be the bulls’ last attempt to regain momentum and avoid a deeper correction.
With market sentiment While uncertainty remains, all eyes are on whether buyers can make a comeback on this crucial support. A successful defense could trigger a bullish reversal, bringing new optimism to Bonk’s price trajectory. But if the bears hold, the path forward could become more challenging.
This analysis aims to examine the recent price movement of the meme coin as it approaches the $0.00002635 support level, and assess whether this key point could trigger a potential trend recovery. By analyzing technical indicators, market sentiment and historical price patterns, this article attempts to provide insight into whether upward pressure can assert itself at this level or whether further bearish pressure could drive the price lower.
Analysis of Bonk’s price trends and recent downward shift
Despite remaining above the 100-day Simple Moving Average (SMA), Bonk has moved into a bearish phase on the 4-hour chart lately. After encountering resistance at $0.00004002, the price has pulled back towards $0.00002962. This withdrawal signals increasing negative pressure, with sellers gaining control. If the price fails to hold $0.00002962, more declines could follow, potentially testing lower support levels.
Also, the 4-hour Relative Strength Index (RSI) has fallen from 80% to 63%, indicating a decline in bullish prices. momentum. As the RSI approaches neutral territory, buying pressure has subsided and market confidence in the uptrend is waning. Specifically, this change indicates that BONK may be entering a correction phase, with the possibility of further downward movement if the trend continues.
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On the daily chart, BONK is showing growing pessimistic sentiment after resistance at $0.00004002. A negative candlestick pattern and a decline towards $0.00002962 highlight increasing selling pressure meme coin has difficulty maintaining a higher standard. This implies that market momentum is shifting, and BONK could face additional downward pressure if it fails to stabilize.
Finally, the RSI on the 1-day chart has fallen from 82% to 67%, indicating a possible shift in momentum, indicating waning buying pressure and a transition from an overbought situation to a more neutral or bearish phase. As the RSI moves away from the overbought level, it signals a weakening of upside, with sellers potentially gaining control, which could lead to a price correction or consolidation.
Navigating the Recession: Can Bulls Push Bonk Back From Here?
As the market faces a downturn and the price falls to $0.00002962, the crucial question is whether bulls can regain control and reverse the trend, or whether bearish pressure will continue to depress the price further. If BONK reaches this support level and the Bulls If the price can be successfully defended, a recovery could ensue, potentially triggering a rebound towards $0.00004002 and beyond.
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However, the inability to defend this support could point to further declines, which could target lower levels such as $0.00002320 and above.
Featured image from YouTube, chart from Tradingview.com
