The cryptocurrency BONK (BONK) trades below $0.000026 following a recent decline, with traders focusing on a key support level.
Testing Support Level
BONK has fallen 8% in the past 24 hours and 27% over the week, with trading volume reaching $570 million. Analyst Jonathan Carter noted that BONK is retesting its neckline at $0.000025, forming a cup-and-handle pattern, often seen during bullish phases.
Buyers Watch Previous Resistance
Analyst BATMAN pointed out that BONK's recent pullback is approaching a previous resistance area, now a potential support zone between $0.000025 and $0.000026. He mentioned that 'if it dips a bit lower into that blue box, that’s the spot I’d be looking to buy.'
Institutional Interest in BONK
Recently, BONK was added to Grayscale's institutional tracking list. While this does not confirm investments, traders see it as a move that could provide greater market visibility.
Market participants are now observing whether BONK can maintain its support and initiate the next phase of the cup-and-handle pattern or if the decline continues in the near term.
