Bonk (BONK) Plummets by Double Digits, Falls to Support Level
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The Solana-based meme coin Bonk (BONK) has seen a sharp decline of 24% over the past week, currently trading at $0.000021. This drop has brought BONK to a critical support level within a descending triangle pattern it has been following since May.
BONK's price has fallen by 42% since May 29, forming lower highs and a horizontal support level, which implies the bearish trend may continue. The Relative Strength Index (RSI) is at 36.35, indicating significant selling pressure.
The Moving Average Convergence/Divergence (MACD) indicator also shows a bearish trend. If BONK drops below the support level, it may fall to $0.000012, a multi-month low last seen on April 12. However, positive market sentiment could drive the price up to $0.000025.
Source: beincrypto.com ↗
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