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Memecoins Continue To Bleed! BONK Price On The Verge Of A Bullish Reversal?

The post Memecoins Continue To Bleed! BONK Price On The Verge Of A Bullish Reversal? appeared first on Coinpedia Fintech News

The meme industry has displayed massive volatility in its valuation since the start of the month. Further, top memecoins have lost significant value, indicating a decline in the interest of investors in it.

The BONK price constantly traded in a consolidated range between $0.000012764 and $0.000015530 for about a week, following which the market lost momentum and the price experienced a correction of approximately 28% in valuation.

BONK Price Analysis
TradingView: BONK/USDT

After this, the price traded sideways for a while, following which the price experienced another correction in value. After testing its low of $0.000009635, the Bonk token jumped over 32% before facing a short correction at $0.00001276.

Following this, the BONK price displayed significant price volatility and gained 32% in a span of five days. After recording a top of $0.000016876, the price has been constantly trading under a bearish influence and has lost over 33% in valuation.

Moreover, the price recently broke down the support level, indicating a strong bearish influence in the crypto space.

Will BONK Price Rise Back Up?

The technical indicator, MACD, displays a constant flatline, suggesting a weak price action in the crypto space. Moreover, the averages show a high possibility of a bearish convergence, indicating the price will continue losing value during the days ahead.

If the bulls push the price above the resistance level of $0.00001119, the BONK price will regain momentum and test its upper resistance level of $0.00001276 soon. Further, if the bulls continue to gain value, the price BONK memecoin will prepare to test its resistance level of $0.00001420 in the coming time.

Negatively, if the bulls fail to hold the price, the BONK token will fall to test its support level of $0.000009635 soon. Moreover, if the market continues to trade under a bearish influence, it will prepare to test its lower support level of $0.000008018.

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