Bonk Price Prediction: BONK Drops 1% and May Be at Risk of a Further Correction as Technicals Flag Bearish

The #Bonk price is still trading within the historic buy zone between $0.0000088550 and $0.0000128480. A negative trend line has also emerged on the meme coin’s charts after it printed a series of lower highs over the past couple of weeks. If it manages to break above this trend line in the short to medium term, it may attempt to flip the $0.0000128480 barrier into support. 

A 4-hour candle close above this threshold could then give $BONK the foundation needed to potentially rise to $0.0000192765 in the following few days. In an extremely bullish scenario, the Bonk price could climb to as high as $0.0000290295 if buyers continue to drive the crypto’s value.

This bullish thesis may be invalidated if the Bonk price falls below the $0.0000088550 in the upcoming days. This could then put the altcoin at risk of plummeting to the subsequent support level at $0.0000051340 in the proceeding week.

Bears Have Gained the Upper Hand Against Bulls

Technical indicators on BONK’s 4-hour chart are flagging bearish, which suggests that the meme coin’s price may fall in the next 48 hours. The Relative Strength Index (RSI) line broke below its Simple Moving Average (SMA) line. This generally indicates that sellers have gained an upper hand against buyers. As a result, it will be easier for bears to drag the Bonk price down in the upcoming days than it will be for bulls to boost it during the same period.

In addition to this, the Moving Average Convergence Divergence (MACD) indicator suggests that BONK is entering a bearish cycle. This is evident by the negative gradient of the MACD Histogram.
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