The price of Bonk (BONK), a popular memecoin, hit $0.000041 on May 28 and then started to fall, creating a downward channel.
At present, the alternative currency is moving towards the channel's lower boundary, where it faces the danger of testing support and setting off an even more severe correction.
An important moving average is below Bonk's current price.
For the past 2.5 weeks, Bonk's movement has been characterized by a descending channel, with a sequence of lower highs and lows. With a price of $0.000044 serving as resistance and $0.000023 as support, the pattern's upper and lower boundaries are clearly defined.
