The meme industry has displayed massive volatility in its valuation since the start of the month. Further, top memecoins have lost significant value, indicating a decline in the interest of investors in it.
The BONK price constantly traded in a consolidated range between $0.000012764 and $0.000015530 for about a week, following which the market lost momentum and the price experienced a correction of approximately 28% in valuation.
After this, the price traded sideways for a while, following which the price experienced another correction in value. After testing its low of $0.000009635, the Bonk token jumped over 32% before facing a short correction at $0.00001276.
Following this, the BONK price displayed significant price volatility and gained 32% in a span of five days. After recording a top of $0.000016876, the price has been constantly trading under a bearish influence and has lost over 33% in valuation.
Moreover, the price recently broke down the support level, indicating a strong bearish influence in the crypto space.
Will BONK Price Rise Back Up?
The technical indicator, MACD, displays a constant flatline, suggesting a weak price action in the crypto space. Moreover, the averages show a high possibility of a bearish convergence, indicating the price will continue losing value during the days ahead.
If the bulls push the price above the resistance level of $0.00001119, the BONK price will regain momentum and test its upper resistance level of $0.00001276 soon. Further, if the bulls continue to gain value, the price BONK memecoin will prepare to test its resistance level of $0.00001420 in the coming time.
Negatively, if the bulls fail to hold the price, the BONK token will fall to test its support level of $0.000009635 soon. Moreover, if the market continues to trade under a bearish influence, it will prepare to test its lower support level of $0.000008018.
