Key Insights:
- Bonk Coin Price risks falling below $0.00001450 if it fails to break key resistance.
- Analysts expect rejection near resistance and deeper drops if key levels break.
- Bearish structures confine BONK price action, signaling a cautious market outlook.
Bonk Coin Price is on a downtrend due to weak technical signals. Crypto market analysts charts show that BONK price is still trading in a bearish zone and not breaking key resistance points.
At the moment, Bonk price is trading a little higher than its recent minimum value. Analysts point out that unless BONK coin goes above resistance on strong volume, the trend will probably stay downward.
Bonk Coin Price Breakdown from Rising Wedge
According to Adam Coins, a rising wedge pattern is forming on the BONK coin price chart. The technical pattern, which usually signals a bearish trend reversal, has broken its support and is now going down.
This shows that BONK might not be able to maintain its positive momentum. Bonk price rose briefly, but it is still lower than its previous rising trendline.
More so, Bonk Coin Price bounce could reach the previous trendline, which has become a resistance level. The analyst points out that if traders do not buy, Bonk price could go back close to a previous support of $0.00001450.
Below this threshold, deeper support for Bonk coin sits around $0.00001300, based on a longer-term yellow trendline.
Additionally, analyst Adam, analysis noted weak momentum and no signs of a bullish reversal. Without a strong move above resistance, Bonk price may stay under pressure into mid-June.
Bonk Coin Price Sustained Downtrend Inside Descending Channel
In addition, another analyst, Pixel Trader, shared his analysis on Bonk price, showing a continuous drop. The asset has moved in a descending line defined by two trend lines that run next to each other.
According to the analyst, BONK price range hasn’t seen activity that stretched above the top of this channel. It indicates that a new downtrend may be forming.
As a result, the support at the base of the descending channel is being retested. Holding at about $0.00001500 might be temporary.
Nonetheless, with no signs of upward changes present, Bonk price is still at risk of falling further. The number of intersecting trendlines reveals several important turns in BONK price history, maintaining within lower boundaries.
Bonk Coin Price Technical Analysis and Resistance Zones
Additionally, analysts mentioned that BONK coin resistance is at the $0.00001700 to $0.00002100 level. Adam Coins pinpoints the rejection zone located near the upper yellow line, whereas Pixel Trader points out a horizontal resistance that appeared previously as a support, showing the level of resistance from the previous support.
Additionally, according to the Moving Average Convergence Divergence (MACD) on the 4-hour chart of BONK, the MACD line (blue) is currently above the signal line (orange), suggesting a short-term bullish bias.
The positive divergence between the MACD and the signal line indicates that buying momentum is slightly stronger than selling pressure at the moment.
The histogram, which reflects the difference between the MACD and the signal line, shows a shift towards positive bars. This alignment points to a potential continuation of the upward movement in price.
Furthermore, the MACD histogram is gradually increasing in size, highlighting the strengthening bullish momentum. If this trend continues, it could lead to further upward movement in BONK price.
However, Bull Bear Power (BBP) indicator currently stands at a negative value of -0.0000191, indicating that the market sentiment is still bearish despite the positive MACD crossover.
This negative reading suggests that, bearish pressure persists despite the upward movement in price.
While writing, Bonk Coin Price was $0.00001550, showing a slight decrease of 0.52% over the past 24 hours. The price had dropped from a peak of $0.000001556, reflecting mild bearish sentiment in the market.