$BONK declines 30% as profit-taking intensifies – Key levels to watch for bulls - AMBCrypto Analytics

Memecoins have faced heavy selling pressure recently, with Bonk (BONK) leading the pack of weekly losers. After reaching an all-time high of $0.000062, BONK dropped 29%, reflecting intense profit-taking and possible capital rotation towards large and mid-cap altcoins amid altcoin season hype.

Despite the pullback, BONK remains a coin of interest for bulls. The recent high fell slightly short of the extended golden Fibonacci (-61.8%), which could still act as a bullish target in the event of a recovery.

Key price imbalances or Fair Value Gaps (FVGs) offer potential re-entry zones. The first FVG lies above the 23.60% Fibonacci level, while a stronger support aligns with the 50% Fibonacci level and the 50-day SMA at $0.000039.

However, with the Stochastic RSI entering oversold territory, further downside is possible if short sellers continue dominating. Bulls eyeing a rebound should watch these critical levels for optimal positioning.