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.
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.
Credit: Source link