BONK Price Prediction: Will BONK Retest The Lows of $0.0000100?

• 1 BONK token signifies a rejection from the 50-Day EMA mark.
• 2 The token did not manage to stretch the rebound and is glimpsing selloff.

BONK token price was persisted in delivering bearishness and is below the 50-Day EMA mark glimpsing a downtrend on the charts. Moreover, the token failed to register a breakout amidst the double bottom formation. Bulls have attempted to surpass the neckline of $0.000015000, but failed and a rejection was noted. The trend is negative and bulls are struggling for a pullback that might strike above the key hurdle of $0.000015000.

BONK price is in bearish territory and was under selling pressure in the past weeks. The token could not manage to hold out the gains amidst the bullish market sentiments. However, the token is trying consistently for a rebound, which showcased signs of buyer accumulation. Per the Fib retracement levels, the token has slipped below the 38.2% zone and is on the verge of the 23.6% zone.

The BONK token (BONK) price was $0.00001197 at press time, with an intraday drop of 2.27%, showing bearishness on the charts. Moreover, the trading volume increased by 10.27% to $67.81 Million. The pair of BONK/BTC is at 0.000000000232BTC, and the market cap is $494.77 Million. Analysts are neutral and suggest that the BONK token (BONK) price will continue to hover below the 50-Day EMA mark and may retest the round mark $0.00001000 soon.

BONK Displays Rejection From 50 Day EMA On Daily Timeframe

Source: BONK Price Chart By TradingView

On the daily charts. BONK token could not trigger a breakout and faced a selloff from the resistance mark of $0.00001500. Despite the rebound and a double bottom formation, the pullback did not exceed beyond the major hurdle and bears succeeded in securing the mark. Additionally, the rejection might have increased the likelihood of BONK retesting the round mark of $0.00001000.

The RSI curve slipped from the overbought zone and is showing a negative divergence suggesting a selloff is likely. Moreover, the MACD indicator shows a bearish crossover. The technical indicators are favoring the bears and suggest underperformance for the next few sessions.

BONK Reveals Bearish Momentum On Hourly Charts

Source: BONK Price Chart By TradingView

On the hourly charts, BONK token displayed the lower low swings and a death crossover was noted which led to a panic fall in the last sessions. Moreover, the token has retested the 20-Day EMA and is ready for another selloff which might retest the round mark of $0.00001000 in the next sessions.

Summary

The BONK token price continued hovering below the neutral region and is delivering bearishness, revealing the bears’ dominance. Furthermore, the token could not have triggered the breakout amid multiple attempts and stayed in the bearish trajectory conveying rejection on the charts.

Technical Levels

Support Levels: $0.00001000 and $0.00000970

Resistance Levels:$0.00001200 and $0.00001500

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.