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Memecoin

Momentum

The post <a href="https://coinpedia.org/price-analysis/bonk-price-loses-momentum-as-volatility-increases-will-the-memecoin-revive-itself/">BONK Price Loses Momentum As Volatility Increases! Will The Memecoin Revive Itself?</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a> 
The crypto industry had started the year positively by adding significant value to its valuation. However, the market has experienced a short selling which has resulted in top cryptocurrencies recording correction in their respective portfolio. 
Further, the BONK price has lost over 10% in the past day, indicating a bear power in the market. The BONK price traded in a range between $0.000004945 and $0.000009635 for a while, following which the market gained momentum and the price broke out of the range. 
However, the rally was short-lived as the price faced rejection at $0.000015010, after which the price traded in a closed range between $0.000009635 and $0.000015010 for over a week. 
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Following this, the BONK price gained significant price momentum and jumped over 264%, after which the bulls faced rejection at $0.000035115. After this, the Bonk token recorded a correction of approximately 38%. 
As the market lost momentum, the memecoin continued to trade in a consolidated range between $0.000015010 and $0.000021792 for over a week. The Bonk price made multiple attempts to hold the price above the support level, but the bears overpowered the bulls, resulting in a price breakdown. 
Since then, the price has been trading negatively in a consolidated range between $0.000009635 and $0.000015010. Moreover, the Cross EMA 50/200 Day has witnessed a Death Cross, indicating a strong bearish influence in the crypto space. 
<h2 class="wp-block-heading" id="h-will-bonk-price-go-back-up">Will BONK Price Go Back Up?</h2> 
The Moving Average Convergence Divergence (MACD) displays a constant flatline in the chart, indicating weak buying and selling pressure in the market. Further, the averages show a bearish convergence, suggesting the price will continue losing momentum in the coming time. 
If the bulls hold the price above the support level of $0.000009635, the BONK price will regain momentum and run to test its resistance level of $0.000015010. Maintaining the price at that level will give the price the ability to prepare to test its upper resistance level of $0.000017476 in the coming time. 
Negatively, if the bears continue to hold power, the price will break down its support level and test its lower support level of $0.00000726. Further, if the bears continue to dominate the market, they will plunge and fall to test their crucial support level of $0.000004945.

BONK Price Loses Momentum As Volatility Increases! Will The Memecoin Revive Itself?

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