Bonk （BONK）, the Solana-based meme coin, has seen a sharp decline, falling by 24% in the past week. Currently trading at $0.000021, BONK is at a critical support level within a descending triangle pattern.
Points
- BONK has dropped 24% in the past week, trading at $0.000021.
- It is at a critical support level within a descending triangle pattern.
- Key technical indicators suggest further downside potential.
- RSI indicates significant selling pressure.
- MACD confirms the bearish trend with potential for new lows.
Bonk （BONK）, a meme coin on the Solana blockchain, has witnessed a steep decline, dropping by 24% over the past week. At press time, BONK trades at $0.000021, falling to the critical support level of the descending triangle pattern it has been in since May.
A descending triangle pattern forms when an asset’s price creates lower highs and a horizontal support level. This pattern typically signals that the bearish trend will continue if the price breaks below the support level. Currently, BONK is testing this crucial level, and its key technical indicators suggest the possibility of further decline.
The Relative Strength Index （RSI） for BONK is at 36.35, indicating significant selling pressure. The RSI measures overbought and oversold market conditions, with values above 70 suggesting overbought conditions and below 30 indicating oversold conditions. BONK’s RSI value shows that more holders are selling their tokens than buying, pushing the price down.
Moreover, the Moving Average Convergence/Divergence （MACD） indicator further confirms the bearish bias. The MACD line （blue） is below the signal line （orange） and the zero line, indicating decreasing price momentum and a strong downtrend. This setup suggests that traders are likely to exit long positions and enter short positions.
If BONK bulls fail to defend the current support level, the price could drop to $0.000012, a level not seen since April. However, if market sentiment improves and BONK sees increased accumulation, the price could rise towards $0.000025.
解説
- Bonk （BONK） has seen a significant drop, falling to a critical support level.
- The descending triangle pattern and key technical indicators suggest further downside potential.
- RSI indicates strong selling pressure, while the MACD confirms the bearish trend.
- If BONK fails to hold the support level, it could drop to $0.000012.
- Market sentiment and accumulation could drive the price up to $0.000025 if conditions improve.