Is BONK Rally In Jeopardy? Technical Indicators Confirm Weakness
Bunker The company is facing growing bearish pressure as technical indicators point to growing market weakness. After a brief attempt to stabilize, the coin appears to have lost momentum to test $0.00004002 again, with key indicators pointing to further losses. As BONK navigates these challenging circumstances, there is speculation about whether the meme coin can regain its footing or whether deeper losses are inevitable.
This analysis takes an in-depth look at BONK’s current market performance in a bearish scenario and highlights the foreshadowing potential weakness. Additionally, we will assess the likelihood of BONK recovering or continuing its downward trajectory by analyzing key support levels, market trends and broader prospects,
Technical indicators point to growing weakness in BONK
On the 4-hour chart, BONK shows negative values moodis trading below the 100-day simple moving average (SMA) as it heads towards the support at $0.00004002. Sustained declines to this support level indicate that selling pressure is intensifying, and if this support level fails to hold, the asset may experience more losses.
Furthermore, analysis of the 4-hour chart shows that the Relative Strength Index (RSI) has now fallen to 44% levels after a previous attempt to rebound, with the index peaking at 49% before losing power. A falling RSI, especially when it remains below the neutral 50% level, indicates bearishness momentum Under construction. If the RSI continues to fall, it could further validate the downtrend, which could lead to a deeper price decline as selling pressure intensifies.
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Memecoin performance stands out on daily chart down The trend, highlighted by a bearish candlestick that produced a strong rejection shadow after a failed recovery attempt. The inability to sustain the upward direction implies a lack of confidence among buyers and a general negative sentiment in the market. As BONK targets support at $0.00004002, pressure from sellers is likely to intensify, raising concerns about the possibility of a collapse.
Finally, the 1-day RSI shows growing negative pressure on the cryptocurrency, with the signal line falling sharply from overbought territory to 56%. This decline marks transfer In terms of momentum, it shows that buying power is weakening and selling pressure is rising. If the RSI continues to fall, it could signal continued pessimism and a decline in BONK.
A rebound or further decline?
When BONK comes under bearish pressure, two potential scenarios can occur: a rebound or further decline. if same corner If it can hold the key support at $0.00004002 and attract fresh buying interest, it could spark a recovery that could reverse the current downward trend and push the price towards the $0.00006247 resistance zone and above.
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However, if the selling pressure persists and BONK fails to maintain support at $0.00004002, deeper decline Subsequently, the price may drop to lower support areas including $0.00002962, $0.00002320 and below.
Featured image from X, chart from Tradingview.com
