Key Notes

Key Notes:

BONK could see a price reversal if it holds the critical $0.0000091 support level.Analysts on X suggest the downturn may present a buying opportunity.BONK is currently trading around $0.00001565, up by around 1% gain in the past 24 hours.

Meme coins have taken a severe beating over the past month, with some losing over 80% of their value. According to CoinMarketCap, the total market capitalization of meme coins has dropped by 42% in the past 30 days. BONK price BONK $0.000016 24h volatility: 5.4% Market cap: $1.26 B Vol. 24h: $73.49 M has plummeted by 54% during the same period.

Despite the steep decline, popular analyst gnarleyquinn suggests that this downturn could be an ideal buying opportunity. If BONK manages to hold the crucial $0.0000091 support last tested in February 2024 traders may witness a potential price reversal. Crypto analyst Ali Martinez echoed similar views on X, hinting at a possible bounce if the fifth-largest meme coin holds this level sustainably.

Currently, BONK is trading around $0.00001565, up by around 1% gain in the past 24 hours. With a market capitalization of $1.2 billion, it ranks as the 68th largest cryptocurrency.

On the daily chart, BONK price is hovering near the lower band of the Bollinger Bands, signaling an oversold scenario. If it rebounds off this lower boundary, it could initiate a short-term rally. However, failure to reclaim the mid-band (currently around $0.00001815) may keep selling pressure intact.

Meanwhile, the RSI is at 31.22, which is also close to oversold territory. Historically, this leads to potential price rebounds in the short-term. On the other hand, the Moving Average Convergence Divergence line is below the signal line, indicating a bearish trend. However, a potential crossover in the coming days could confirm bullish momentum.

Notably, BONK price is sitting near key retracement levels, with the 1.618 Fibonacci extension around $0.00001072 acting as a major support zone. If BONK loses this level, it could result in a deeper correction, potentially testing sub-$0.000007 levels. A continuation of the ongoing meme coin selloff could intensify this risk.

However, if bulls step in at the current support and push prices above $0.000018, the token could move toward $0.000023 and beyond. A decisive breakout above the 50-day moving average would further confirm this bullish case.

The meme coin market has been facing a persistent slump since Donald Trump took office in January. The market value of meme coins has plunged by $43 billion in the past month, currently sitting at $67 billion. Trump’s own meme coin OFFICIAL TRUMP has lost 75% of its value and wiped out over $10 billion of its market cap.

The collapse of the LIBRA token, which saw its market capitalization drop from $4.4 billion to nearly nothing within hours, has further added to its downfall. Meanwhile, the broader crypto market currently boasts a market cap of $3.16 trillion, up by 0.4% in the past day.

Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.

With a background in finance and a passion for innovation, Anisha has been covering the ever-evolving world of crypto for over four years. Her deep understanding of the crypto market have made her a trusted source for analysis and news. Whether it’s dissecting the latest trends or decoding whitepapers, Anisha is dedicated to bringing clarity to the world of digital assets.

Anisha Pandey on X

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