The Bonk price plummeted over 8% in the last 24 hours to trade at $0.00002124 at press time.
This recent retracement was enough to push the meme coin’s weekly performance into the red. As a result, the BONK price is down more than 3% over the past 7 days.
Bonk Price Prediction
4-hour chart for BONK/USDT (Source: TradingView)
The Bonk price is testing the key support level at $0.00002158 as it attempts to break above the upper boundary of a short-term descending price channel. If the meme coin closes a 4-hour candle below this critical safety net within the next 12 hours, it could be at risk of dropping to the subsequent mark at $0.00001859.
Also read: Is a Bullish Reversal Ahead for the Worldcoin Price?
However, BONK maintaining a position above the $0.00002158 support level for the next 12 hours could invalidate the bearish thesis. In this alternative scenario, the altcoin will have escaped the bearish channel. It might also have the technical foundation needed to rise to the major resistance level at $0.00002333.
With enough bullish pressure, the Bonk price could have the backing needed to flip the $0.00002333 resistance level into support. It might then climb to $0.00002582 and potentially reach $0.00002748 in the short term.
Technicals Still Showing Bearish Signs
Technical indicators on BONK’s 4-hour chart suggest the meme coin’s price could drop in the next 24 hours. The Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) indicators are showing negative signs. Both indicators triggered major bearish flags throughout the past 48 hours.
Also read: AVAX Crypto Crash Alert: Will It Hold $25 or Plunge Further?
Firstly, the MACD line crossed below the MACD Signal line. Traders usually see this as a sign that a crypto has entered a short-term bearish cycle. Meanwhile, the RSI fell below its Simple Moving Average (SMA) line on the 4-hour chart. This might signal that bears have gained the upper hand against bulls.
If these technical flags are validated, the Bonk price could end up plunging to the $0.00001859 support.
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