BONK Faces Declining Prices Amid Increasing Selling Pressure
BONK faces increased selling pressure as its recent rally falters, raising concerns about its ability to sustain upward momentum. The price has started a decline toward the $0.00002962 key support level, indicating potential bearish continuation.
This critical zone is under examination; failure to maintain this level could trigger further downward movement and amplify negative sentiment. This may lead to heightened volatility, with market participants monitoring for signs of recovery or deeper correction.
Technical Indicators Point To Potential Decline
BONK is trading below the 100-day Simple Moving Average (SMA), a significant technical indicator that reflects market sentiment changes. Being below the SMA typically signals a bearish outlook, suggesting that the average price over the past 100 days is lower than the current price.
This positioning raises concerns regarding the strength of BONK's recent rally, indicating that selling pressure outweighs buying interest, with prices likely poised for further losses. As market sentiment turns negative, there remains a high risk of continued declines unless a significant reversal occurs.
The Relative Strength Index (RSI) has also begun to drop again after previously reaching the 50% threshold. The decline in the RSI indicates potential weakening of bullish momentum, suggesting that buying pressure is fading.
Typically, a declining RSI implies cautious market sentiment and an increased risk of bearish action. As the RSI moves away from the neutral zone, it signals growing selling pressure, reinforcing the possibility of a deeper pullback in BONK’s price.
Selling Pressure Intensifies: How Low Can BONK Go?
Selling pressure on BONK has intensified, leading to a price decline as the recent rally fizzles out. With the token below the 100-day SMA and the RSI showing signs of weakening momentum, the outlook for BONK appears increasingly bearish.
If selling pressure continues, the price could test key support levels such as $0.00002962. A sustained break below this level might result in further losses, with the next target being the $0.00002320 support level.
Conversely, if BONK rebounds at $0.00002962, it could initiate a climb toward the $0.00004002 mark. A successful breakout above this resistance could shift momentum, potentially triggering a rally beyond the 100-day SMA and targeting the $0.00006247 resistance level.
