BONK’s Price Outlook Remains Bearish
BONK’s price outlook remains bearish as long as it trades below $0.0000200.
Current Price Trends
Bonk price is trading below the 50-day and 200-day EMA, indicating a downtrend. Bonk price surged 14% in the last 24 hours, indicating bulls’ presence at lower support levels. Its price has been in a bearish grip for a prolonged time, but in the last two trading sessions, BONK showed a mild bullish trend.
Bonk found support at $0.00000887 and has since surged over 48%. However, despite the strong bounce, the overall trend remains bearish as long as it trades below $0.00002004. The recent move appears to be a short-term relief rally rather than a confirmed trend reversal.
To confirm this bearish outlook, Bonk is currently trading below both the 50-day EMA ($0.00001329) and the 200-day EMA ($0.00002004), reinforcing the ongoing downtrend. As long as the price stays below these key moving averages, the bearish trend remains intact. However, bulls are showing signs of activity at lower levels and are making an effort to push the price above the $0.00001329 mark.
According to CoinMarketCap data, currently, BONK’s price is at $0.00001247 with an intraday surge of 14%, indicating positive momentum. Additionally, the daily trading volume of BONK has surged by 159%, suggesting buyers’ presence, and the volume-to-market ratio is 20.46%, indicating good liquidity. The data shows that buying momentum is building in BONK.
Will the Bonk Meme Coin Bounce Back?
Source: Tradingview
In November 2024, the BONK price broke below the $0.00004860 support, which built a negative sentiment among investors and invited further decline. Previously, bulls tried multiple times to break above the 50-day EMA level but each attempt was rejected. It shows that the bears are still active and resumed their dominance. BONK price analysis is favoring the sellers, with no strong signs of recovery visible. As long as BONK continues to trade below the $0.00001329 and $0.00002004 levels, the trend is expected to remain under bearish control.
However, if bulls succeed in breaking out of these levels, then a bullish rally is possible. Meanwhile, if the BONK price drops below $0.00000887, then investors may witness a further decline.
Highlighted Crypto News Today: Magic Eden Ignites Over 11%, But Is It Built to Last?