Following a recent 24-hour decline, the meme coin's weekly performance has dipped further into negative territory, with $BONK down over 12% in the past 7 days.
BONK has entered a consolidation phase, ranging between $0.00002333 and $0.00002582, following its breakout from a steep descending triangle in recent days. However, renewed selling pressure from traders threatens to breach the $0.00002333 support level.
A drop below this critical level could expose BONK to further downside risk within the next 24 hours, prompting traders to consider short positions. This could potentially drive the Bonk price towards the next pivotal support at $0.00002158 in the short term.
Conversely, maintaining above the $0.00002333 support over the next 24 hours could invalidate the bearish outlook. In such a scenario, Bonk could aim for the immediate resistance at $0.00002582.
A 4-hour candle close above the upper boundary of the consolidation range might establish a strong technical base for BONK, potentially triggering bullish momentum in the following days. This could attract buyers looking to capitalize on the opportunity, pushing the Bonk price up towards $0.00002748 in the short term.
Technical indicators on BONK's 4-hour chart suggest a potential continuation of the downside trend over the next 24 hours. Sellers have recently gained momentum over buyers, as indicated by the RSI crossing below the Simple Moving Average (SMA) line within the past day.
Additionally, the Moving Average Convergence Divergence (MACD) is nearing a significant bearish signal. Over the recent trading session, the MACD line has converged towards the MACD Signal line, approaching a potential crossover.
