2024-11-28 13:00:03 by NewsBTC

BONK is facing mounting bearish pressure as technical indicators signal growing weakness in the market. After a brief attempt to stabilize, the token appears to be losing momentum dropping again toward the $0.00004002 for another test, with key metrics pointing to further downside. As BONK navigates these challenging conditions, speculations are on whether the meme coin can reclaim its footing or if deeper losses are inevitable.  This analysis dives into BONK’s current market performance under bearish conditions, highlighting the technical indicators that signal potential weakness. Furthermore, we will assess the likelihood of a recovery or a continuation of BONK’s downward trajectory by analyzing critical support levels, market trends, and the broader outlook,  Technical Indicators Signal Growing Weakness For BONK On the 4-hour chart, BONK exhibits negative sentiment, trading below the 100-day Simple Moving Average (SMA) as it trends downward toward the $0.00004002 support level. A continued descent to this support suggests that selling pressure is intensifying, and if the support fails to hold, the asset could experience more declines. BONK drops below the 100-day SMA and targeting $0.00004002 support | Source: BONKUSDT on Tradingview.comAlso, an analysis of the 4-hour chart reveals that the Relative Strength Index (RSI) has now declined to the 44% level following a previous attempt to rally, which peaked at 49% before losing strength. A declining RSI, particularly as it remains below the neutral 50% level, indicates that bearish momentum is building. If the RSI continues to dip, it could further validate the downtrend, potentially leading to more significant price drops as selling pressure intensifies. On the daily chart, the meme coin displays notable downward movement, highlighted by a bearish candlestick with a strong rejection wick that has emerged after a failed recovery attempt. The inability to sustain an upside direction implies a lack of buyer confidence and a prevailing negative sentiment in the market. As BONK aims at the $0.00004002 support level, the pressure from sellers could intensify, raising concerns about the possibility of a breakdown. BONK faces extended pullback after a failed recovery attempt | Source: BONKUSDT on Tradingview.comFinally, the 1-day RSI shows increasing negative pressure on the cryptocurrency, with the signal line dropping sharply from the overbought zone to 56%. This decline marks a shift in momentum, indicating that buying strength is weakening and selling pressure is rising. Should the RSI continue to fall, it could signal sustained pessimistic sentiment and declines for BONK. Bounce Back Or Further Decline? Two potential scenarios are likely as BONK faces bearish pressure: a bounce back or further decline. If the meme coin can hold the critical $0.00004002 support level and attract renewed buying interest, it could spark a recovery, possibly reversing the current downtrend and pushing the price to the $0.00006247 resistance range and beyond. However, if selling pressure persists and BONK fails to sustain the $0.00004002 support level, a deeper decline may follow, with the price potentially dropping to lower support zones, including $0.00002962, $0.00002320, and below. BONK trading at $0.000042 on the 1D chart | Source: BONKUSDT on Tradingview.comFeatured image from X, chart from Tradingview.com Godspower Owie My name is Godspower Owie, and I was born and brought up in Edo State, Nigeria. I grew up with my three siblings who have always been my idols and mentors, helping me to grow and understand the way of life. My parents are literally the backbone of my story. They’ve always supported me in good and bad times and never for once left my side whenever I feel lost in this world. Honestly, having such amazing parents makes you feel safe and secure, and I won’t trade them for anything else in this world. I was exposed to the cryptocurrency world 3 years ago and got so interested in knowing so much about it. It all started when a friend of mine invested in a crypto asset, which he yielded massive gains from his investments. When I confronted him about cryptocurrency he explained his journey so far in the field. It was impressive getting to know about his consistency and dedication in the space despite the risks involved, and these are the major reasons why I got so interested in cryptocurrency. Trust me, I’ve had my share of experience with the ups and downs in the market but I never for once lost the passion to grow in the field. This is because I believe growth leads to excellence and that’s my goal in the field. And today, I am an employee of Bitcoinnist and NewsBTC news outlets. 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