BONK Coin Losing Below Crucial Support Levels: Will It Rebound

• BONK coin price had advanced by more than 7000% year-on-year.
• The coin price outperformed 99% of the top 100 crypto assets in the last 1 year.

The Bonk (BONK) coin’s supply inflation was certainly high, resulting in 50.83%, which might deteriorate the coin’s value in the future. Bonk coin’s price further advanced by 7300% in the last year.

The coin’s market cap was valued at $1.249B at press time, which made it the 54th largest in the global crypto market. Over the last 24 hours, the market cap further witnessed a surge of 7%.

Following the surge in the market cap, the token’s traded volume value also advanced by 20%. This resulted in a traded value of $96.118M, which led to a volume/market cap ratio of 7.6%. Furthermore, it indicated medium liquidity.

The BONK price traded 1900% above its all-time low price of $0.00000009197, formed two years ago. Additionally, the token’s price was down by 62% from its all-time high price.

The price might further witness some uncertain fluctuation as the high price volatility resulted in 6.76%. Also, the coin’s market cap dominance was 0.06%, globally presenting a good market presence.

Let’s Take A Look At The Bonk Coin’s Derivatives

A surge of 25% in Bonk Crypto’s derivatives volume was recorded. It resulted in a traded value of $21.48M, showing a rise in the coin’s demand.

Additionally, the last few weeks have recorded a decline in the coin liquidation activity. Despite this, a larger amount of shorts were liquidated in the last 24 hours, valuing $47.80K. The token further witnessed a long liquidation of $7.11K, which showed buyers’ dominance in the coin’s price.

The Bonk coin’s open interest also advanced by 8.8% in the last 24 hours from the press time. This showed a rise in the number of open positions for derivatives.

BONK Coin Price Loses Below Crucial Levels: What’s Next?

After the double top formation, the BONK coin price witnessed consistent profit booking from the swing high of $0.00004440. Furthermore, it declined by more than 60%.

On the lower side, the price took support at a dynamic trendline for the last eight months. Following the most recent selling pressure, the coin’s price declined below the dynamic trendline. It exhibited a higher possibility of further price decline.

Do technical indicators exhibit the possibility of a BONK price decline?

The 50-day and the 200-day EMAs recently formed a death cross on the daily chart. Additionally, the BONK price further traded below the EMAs, leading to lower levels over time.

BONK/USD Chart by TradingView

The MACD and the signal line have traded in the negative trajectory on the daily chart of the coin. Also, the coin’s metrics overlapped, showing price uncertainty.

The RSI took rejection from the 50-level a few days ago and overlapped the 14-day SMA at press time. This showed declining momentum in the coin.

BONK coin price might take support at the levels of $0.00000950 and $0.0000130. It was followed by the resistance levels of $0.0000340 and $0.0000420.

Disclaimer

This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.