Bonk Coin recently received a buy signal but continues to face a downward trend, challenged to overcome resistance on its path to potential growth.
Current Market Situation of Bonk
According to recent CoinMarketCap data, Bonk meme coin's value has fallen more than 2% over the last 24 hours to $0.00001682. The coin has faced continuous selling pressure since its peak near $0.00002800. Despite falling prices, Bonk’s trading volume has significantly increased by over five percent to reach $142.25 million. Bonk recently burned 2.025 trillion tokens, potentially serving as a bullish catalyst due to deflationary effects.
Trend Analysis and Price Movements
Bonk's 4-hour chart shows a downward trend. The price maintains a position at 0.00001680 USDT, where consolidation forms. Support at this level suggests potential short-term improvement. Resistance at the upper boundary of the channel stands at 0.00001850 USDT, and exceeding this level might signal a trend change.
Potential for Recovery
Continuing the bearish trend necessitates buyers establishing prices above 0.00001850 USDT and maintaining volume at 0.00002200 USDT to break the structure. Upcoming sessions may call for sellers to reinforce positions by exploring lower support levels.
Bonk Coin continues to face downward pressure. However, buy signals and token burns may help reverse this trend if buyers manage to break through resistances.
