BONK is under increasing selling pressure as its recent rally falters, raising concerns about the token’s ability to maintain its bullish momentum. Fighting to keep your earningsThe price has started a fresh decline towards the key support level of $0.00002962, indicating a possible bearish continuation.
This crucial area is under scrutiny, as failure to hold could trigger a further downward movement, amplifying pessimism. feeling. Such a scenario could lead to greater volatility, and participants would be on the lookout for signs of a recovery or hints of a deeper correction.
Technical indicators point to a possible fall
BONK is currently trading below the 100-day SMA, a key technical indicator that measures changes in market sentiment. This positioning below the SMA usually indicates a bearish outlook, as it indicates that the average price of the last 100 days is lower than the current price.
The fact that BONK is trading below the 100-day SMA raises concerns about the strength of its recent rally and suggests that selling pressure is currently outweighing buying interest, with prices poised for further losses. With the market If sentiment turns negative, there is a high risk of further declines unless a significant reversal occurs.
Furthermore, the Relative Strength Index (RSI) has started to fall again after previously reaching the 50% threshold. Specifically, the decline of the RSI indicator signals a possible weakening of the bullish movement. impulsesuggesting that buying pressure is fading.
Typically, the movement of the RSI towards lower levels implies that market sentiment may become more cautious with the risk of bearish action increasing. As the RSI moves away from the neutral zone, it could indicate increasing selling pressure, reinforcing the potential for a deeper decline. obstacle in the BONK price.
Selling pressure intensifies: how far can BONK go?
Sale Pressure on BONK has been increasing, causing its price to drop as the recent rally fades. With the token trading below the 100-day SMA and the Relative Strength Index (RSI) showing signs of weakening momentum, the outlook for BONK is becoming increasingly bearish.
If selling pressure persists, the price could continue to fall, possibly testing key support levels like $0.00002962. A sustained break below this level could cause further losses, with the next target being the $0.00002320 support level.
However, if the same corner experiences a bounce at USD 0.00002962, it could start a new rise towards the USD 0.00004002 mark. Successfully overcoming this resistance could change momentum, which could trigger a meeting beyond the 100-day SMA and targeting the $0.00006247 resistance level.
Fountain: NewsBTC.com
