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Bonk It saw a pullback, sliding towards the crucial $0.00002635 price mark as bearish forces took control. This level may be the last stop for the bulls to regain momentum and prevent a deeper correction.
With the market Feelings Hanging in the balance, all eyes are on whether buyers can return at this pivotal support. A successful defense could lead to a bullish reversal, bringing new optimism to Bonk’s price trajectory. But if the bears hold strong, the road ahead could become more difficult.
This analysis aims to examine the recent price action of the meme coin as it approaches the $0.00002635 support level, and assess whether this key point could trigger a potential trend rebound. By analyzing technical indicators, market Sentiment and Historical Price Patterns This article seeks to provide insight into whether bullish pressure could reassert itself at this level or if further bearish pressure could send the price lower.
Analysis of BONK price trends and recent bearish shift
Recently, despite remaining above the 100-day simple moving average (SMA), Bonk turned into a bearish phase on the 4-hour chart. After facing resistance at $0.00004002, the price fell towards $0.00002962. This decline indicates increasing downside pressure, with sellers in control. If the price fails to hold at $0.00002962, further declines may follow, possibly testing lower support levels.
Also, the RSI on the 4-hour frame dropped from 80% to 63%, indicating that the uptrend is fading. batch. As the RSI approached the neutral zone, buying pressure subsided, and market confidence in the upside diminished. Specifically, this change indicates that BONK may be entering a correction phase, with further downward movement likely if this trend continues.
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On the daily chart, after facing resistance at $0.00004002, BONK is showing increasing pessimistic sentiment. The negative candlestick pattern and decline towards $0.00002962 highlights increasing selling pressure as Same angle Struggles to maintain higher standards. This means that market momentum is changing, and BONK could face additional downward pressure if it fails to stabilize.
Finally, on the 1-day chart, the RSI fell from 82% to 67%, indicating a potential breakout. Convert In momentum, which indicates the fading of buying pressure and the transition from an overbought state to a more neutral or bearish phase. As the RSI moves away from overbought levels, it indicates weak upward strength, with sellers potentially taking control, which could lead to a price correction or consolidation.
Navigating Deflation: Can the Bulls Pull the Bonk Back from Here?
As the market faces a pullback and the price drops towards $0.00002962, the crucial question is whether the bulls can regain control and reverse the trend or whether bearish pressure will continue to push the price lower. If BONK reaches this support level and Bulls If it can be successfully defended, a recovery may follow, which could lead to a resurgence towards $0.00004002 and beyond.
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However, failure to defend this support could indicate further declines, which could target lower levels, such as $0.00002320 and beyond.
Featured image from YouTube, chart from Tradingview.com