Convergence

Memecoin

Bonk

Divergence

The post <a href="https://coinpedia.org/price-analysis/bonk-price-records-bearish-reversal-whats-next-for-this-solana-based-memecoin/" rel="noopener noreferrer nofollow">BONK Price Records Bearish Reversal! What’s Next For This Solana-Based Memecoin?</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a>
After trading positively over the weekend, the BONK price has recorded a negative start to this week by experiencing a correction of approximately 12% to its portfolio within the past 24 hours, further making it the top loser of the day.
The <a href="https://coinpedia.org/price-prediction/bonk-price-prediction/" rel="noopener noreferrer nofollow">BONK price</a> traded in a closed range between $0.000013670 and $0.000014640 for a brief period, following which the market volatility increased, and the memecoin recorded a correction of approximately 16% in valuation within the next few days.
After this, the price traded sideways between $0.00001301 and $0.000011994, displaying a weak price action. The bulls struggled to push the price above the resistance level of $0.000011994, resulting in a price breakdown.
<figure class="wp-block-image"><img decoding="async" src="https://lh7-us.googleusercontent.com/tD6ZSce0CZCtRKN2s4ukaXEZm8KsMMMV2zVd75XbF_YoxfRPsNJwxkyrm7AOEbgDKSOqg5XGzGRdB11ToAXzw0LNx5R5Ee8cCbTEGy8g2S_j0TDBMTkJny-veX21mBU4KPRJOdWakdiN3-wvlTXLXF8" alt="BONK Price Analysis">
 <figcaption class="wp-element-caption">
 TradingView: BONK/USDT
 </figcaption>
</figure>
The BONK memecoin recorded another correction of approximately 16%, but the bulls held the price high above the support level of $0.000009635, resulting in a bullish reversal. The memecoin constantly traded in an ascending channel pattern and added over 25% in just five days, after which the price faced rejection at $0.000012764.
After this, the price traded sideways, highlighting weak buying and selling pressure for the coin. As the market volatility grew, the price experienced another correction and traded between $0.000009635 and $0.000010437 for the next week.
Recently, after multiple failed attempts, the bulls regained power, successfully broke out of the resistance level, and jumped approximately 31% within the next two days. Following this, the price faced rejection at $0.000013670 and has been trading under a bearish influence since then.
<h2 class="wp-block-heading" id="h-will-bonk-price-go-up">Will BONK Price Go Up?</h2>
The Moving Average Convergence Divergence (MACD) displays a rise in the negative histogram, indicating an increase in the selling pressure within the market. Further, the averages show a bearish convergence, suggesting the price will continue experiencing a correction in the coming days.
If the market holds the price above the support level of $0.00001199, the BONK price will regain momentum and retest its resistance level of $0.000012764 this week. Maintaining the price at that level will set the stage for Bonk memecoin to attempt to test its upper resistance level of $0.000013670 in the upcoming weeks.
Conversely, if the bears continue to overpower the bulls, the Memecoin will prepare to test its support level of $0.000011994. Moreover, if the bulls fail to regain momentum, the Bonk token will plunge and prepare to test its lower support level of $0.000011301 this month.

BONK Price Records Bearish Reversal! What’s Next For This Solana-Based Memecoin?

Table of Contents

CoinPedia News

Other articles published on Feb 12, 2024

BNB (BNB) Price Prediction 2025, 2026, 2027, 2028, 2029 and 2030

Solana Price Prediction: How SOL Could Swing From The Dips After A Bullish Week Above $104?

Bitcoin (BTC) Breaks $50,000 – First Time Since December 2021

Cronos (CRO) Price Prediction 2025, 2026, 2027, 2028, 2029 and 2030

Ethereum Staking Participation Rate Soars 25% as ETH Surges

South Korean ‘Smart’ Traders Accused Of $3.2B Crypto Exploitation, Acquitted

Join our free newsletter for daily crypto updates!