BONK Faces Bearish Pressure as Technical Indicators Show Weakness
BONK is experiencing bearish pressure as technical indicators show market weakness. After a brief stabilization attempt, the token is declining toward the $0.00004002 support level, with key metrics indicating potential further losses. Market speculation centers on whether BONK can recover or if deeper declines are imminent.
Technical Indicators Signal Growing Weakness For BONK
The 4-hour chart indicates negative sentiment for BONK, trading below the 100-day Simple Moving Average (SMA) and approaching the $0.00004002 support level. A failure to hold this support could lead to intensified selling pressure and further price drops.
The Relative Strength Index (RSI) on the 4-hour chart has declined to 44% after an earlier peak of 49%. This downward trend below the neutral 50% level suggests increasing bearish momentum. Continued RSI decline may validate the downtrend, potentially leading to significant price drops.
On the daily chart, BONK shows notable downward movement, marked by a bearish candlestick with a rejection wick following a failed recovery attempt. This lack of sustained upward movement indicates diminished buyer confidence and prevailing negative market sentiment. As BONK approaches the $0.00004002 support level, seller pressure could increase, raising concerns about a potential breakdown.
The 1-day RSI reflects increasing negative pressure, dropping sharply from the overbought zone to 56%, signaling weakening buying strength and rising selling pressure. If the RSI continues to decline, it may indicate sustained pessimistic sentiment and further declines for BONK.
Bounce Back Or Further Decline?
Two scenarios are possible for BONK under current bearish conditions: a bounce back or continued decline. If the meme coin maintains the critical $0.00004002 support level and garners renewed buying interest, it could initiate a recovery, potentially reversing the downtrend and pushing prices toward the $0.00006247 resistance range.
Conversely, if selling pressure persists and BONK fails to hold the $0.00004002 support level, deeper declines may occur, with potential price drops to lower support zones at $0.00002962, $0.00002320, and beyond.
