The BONK token, known in the meme cryptocurrency world, experienced significant price fluctuations over the last 24 hours due to the activity of institutional investors. CoinDesk's analysis shows how the trading volume of the BONK token changed and its influence on its price.
Influence of Institutional Investors
The BONK token peaked at $0.000026, encountering significant resistance at this level. A large portion of the trading volume was driven by institutional participants selling above this level. Subsequently, the price fell about 6% to $0.000023, with 1.07 trillion tokens exchanged, indicating buyer presence amidst selling pressure.
Technical Levels and Forecasts
Key levels for investors to watch include the $0.000026 resistance level and the $0.000023 support level. The analysis suggests that a consistent rise above $0.000025 could indicate the start of a stronger upward movement. However, if the price slips below the $0.000023 support, a retest of the low levels observed in early August may occur.
Market Dynamics and Institutional Actions
Despite recent volatility, the token maintained high liquidity. The influence of institutional participants on trading volumes narrowed the price movement band, but sudden price spikes could occur if order amounts decrease at key levels. One of the BONK founders stated: “With market depth and community support, high trading volume around defined technical levels has been observed.”
The forthcoming price dynamics of the BONK token are directly tied to technical levels. Market observers highlighted the potential for sharp directional changes in price.
