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The Bonk price slipped more than 1% over the past 24 hours to trade at $0.00001171 at press time as investors continue to exert sell pressure on the meme coin.
The Bonk Price Enters Historic Buy Zone
Daily chart for BONK/USDT (Source: TradingView)
The BONK price dropped below the $0.0000128480 support level in the last few days. As a result, the altcoin has entered into the zone between $0.000008855 and $0.0000128480. This is a significant zone as it has served as the launchpad for BONK’s last 2 bullish surges.
Should history repeat itself, the Bonk price could pump to above $0.0000128480 and look to rise to the subsequent threshold at $0.0000192765. In an extreme bullish scenario, BONK may rise to as high as $0.0000290295 within the following fortnight.
However, before the Bonk price can surge, it will need to overcome a medium-term negative trend line that has formed on its charts after the meme coin printed a second lower high on Jan. 11. Should it fail to break above this trend line in the next 72 hours, it may break below $0.000008855 soon. This could expose the Bonk price to the risk of dropping to as low as $0.0000031115.
Bears Are Building Their Lead Over Bulls
The Relative Strength Index (RSI) on BONK’s daily chart shows that sellers have the upper hand against buyers. This is evident by the RSI line being positioned below its Simple Moving Average (SMA) line. In addition to this, the RSI line is negatively sloped, which may signal that bears are growing stronger against bulls. As a result, it may be easier for sellers to drag the Bonk price down in the next few days than it will be for bulls to boost it during the same time. Nevertheless, the RSI is in neutral, which signals that BONK’s upside potential is relatively equal to its downside potential.
The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Ecoinimist is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
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