As volatility increases, BONK price loses momentum! Will Memecoin resurrect itself?
The cryptocurrency industry has started the year on a positive note, adding significant value to its valuation. However, the market experienced short selling, which caused top cryptocurrencies to record corrections in their portfolios.
Moreover, the price of BONK fell by more than 10% the previous day, indicating market weakness. BONK price traded in the range of $0.000004945 to $0.000009635 for some time, then the market gained momentum and the price broke out of the range.
However, the rally was short-lived as the price was rejected at $0.000015010, after which the price traded in a closed range between $0.000009635 and $0.000015010 for over a week.
BONK price then gained significant price momentum, surging over 264%, after which the bullish trend was rejected at $0.000035115. Since then, the Bonk token has recorded a correction of approximately 38%.
As the market lost momentum, Memecoin continued to trade in a consolidated range between 0.000015010 and 0.000021792 for over a week. Bonk price attempted several times to keep the price above the support level, but the downtrends overwhelmed the uptrends, resulting in a price collapse.
Since then, the price has been trading negative in a consolidated range between $0.000009635 and $0.000015010. Additionally, a Death Cross was witnessed on the Cross EMA 50/200 Day, indicating a strong bearish impact in the cryptocurrency space.
Will BONK prices go up again?
Moving Average Convergence Divergence (MACD) displays a flat line on the chart, indicating weak buying and selling pressure in the market. The averages also show bearish convergence, suggesting that prices will continue to lose momentum in the future.
If the bulls hold the price above the support level of $0.000009635, BONK price will regain momentum and test the resistance level of $0.000015010. Holding the price at this level could set the price up to test the upper resistance level of $0.000017476 in the coming days.
Negatively, if the bears continue to strengthen, the price will break the support level and test the lower support level of $0.00000726. Additionally, if bears continue to dominate the market, they will move lower and test the important support level of $0.000004945.