BONK Drops 8% After Reaching August High of $0.00002841
BONK began the week with volatility, reaching an August high of $0.00002841 before dropping 8%. Institutional trading quickly erased most early gains.
Key events include:
- Sell-off intensified between 11:00 and 13:00 UTC, with trading volumes of 1.12 to 2.16 trillion tokens.
- The price fell to a low of $0.00002554, testing critical support at $0.00002620.
- A brief recovery occurred after Safety Shot (SHOT) announced plans to purchase $25 million worth of BONK, offering $35 million in SHOT shares to BONK's founders.
- Resistance remains at $0.00002854, while support held at $0.00002620 may enable further upside if market sentiment is positive.
Technical Analysis
- Price Range: $0.00002554 to $0.00002841 (12% volatility).
- Resistance confirmed at $0.00002854.
- Support held at $0.00002620 during sell-off.
- Volume Spikes: 1.12–2.16 trillion tokens traded during liquidation.
- Recovery Channel: Higher lows at $0.00002565, $0.00002572, $0.00002570.
- Breakout Trigger: $0.00002632 cleared on 49.5B token surge.
- Trend Signal: 8% drop followed by 2% rebound indicates potential base building.