BONK Price Drops 6% to Test Key Support Level at $0.000024
BONK experienced a decline of nearly 6% over the last 24 hours, dropping from $0.00002606 to $0.00002436 within a range of $0.0000028, approximately 10% of its trading spectrum.
Key points include:
- The price fell after failing to maintain gains near $0.000027 on August 11, with a trading volume of 1.13 trillion tokens, exceeding the 24-hour average of 708 billion.
- On August 12, BONK found support around $0.000024 with 889 billion tokens traded.
- A brief recovery occurred in the U.S. morning, with a 3% rise to $0.000025.
- This rebound may signal short-term stabilization, establishing $0.000024 as a critical support level.
- The volatility followed a $25 million treasury purchase by Safety Shot linked to the BONK ecosystem, indicating potential mainstream interest in meme coins.
Technical Analysis
- Trading Range: $0.00002398–$0.00002674, a 10% spread over 24 hours.
- Resistance: Multiple rejections near $0.000027 on August 11 with high volume.
- Support: Firm base around $0.000024 on August 12 with 889B tokens traded.
- Volume Spike: 145B tokens during breakout from consolidation at 12:30 UTC.
- Recovery Move: 3% increase from $0.000024 to $0.000025 between 11:49–12:48 UTC.
- Breakout Trigger: Price cleared $0.000025 resistance at 12:22 UTC.
- Market Context: Bounce follows several days of increased volatility in memecoins.