BONK has attracted attention recently as the crypto market experiences some intriguing movements. The toBONK has attracted attention recently as the crypto market experiences some intriguing movements.
The token’s price has been quite volatile, with recent data revealing a 10.78% drop over the past 24 hours. Despite this, its price action has a clear consolidation, creating opportunities for traders to watch key levels closely.
BONK market overview and price action
At the time of writing, BONK was trading at $0.00003173, a steep decline from its recent peak of $0.00003554. Its 24-hour trading volume has risen 34.20% to $333.7 million, while its market capitalization is $2.41 billion.
This surge in volume suggests heightened market activity, but the overall sentiment appears bearish, with the token’s downward movement earlier in the day. The circulating supply of $BONK is 76.25 billion, with a total supply of 90.96 billion tokens.
Despite the negative price action, traders are watching specific zones for potential support. They believe these levels could help reverse the trend. The price is currently hovering near the $0.000031 region, showing signs of consolidation around this area.
A key support level is marked around $0.0000293, indicating that $BONK could find stability at lower levels before any significant movement.
RSI and MACD indicators: Mixed signals
According to the technical analysis, the Relative Strength Index (RSI) indicates a level for an oversold signal at 35.62. This level is BELOW the 50 mark, which serves as the neutral region that suggests that a price bounce back could be expected soon. An RSI value below thirty is a good indication that the asset has been oversold and that the price could be about to rise.
Looking at the Moving Average Convergence Divergence (MACD), the current chart shows a negative histogram with the MACD line (blue) below the signal line (orange). This indicates bearish momentum in the short term. However, the shrinking size of the MACD histogram suggests that the downward pressure could be weakening.
