BONK Struggles To Sustain Gains As Selling Pressure Mounts

Name	Symbol	Market	Market Cap ($)	Algorithm
Amp	AMPUSD	Crypto	702,286,400	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

Amp

AMPUSD

Crypto

702,286,400

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	0.00037	4.45%	0.00869	0.00867	0.00869

Price Change

Price Change %

Current Price

Bid Price

Offer

0.00037

4.45%

0.00869

0.00867

0.00869

High Price	Low Price	Open Price	Prev. Close	52 Week Range
0.00958	0.00816	0.00834	0.00832	0.002650 - 0.016850

High Price

Low Price

Open Price

Prev. Close

52 Week Range

0.00958

0.00816

0.00834

0.00832

0.002650 - 0.016850

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	10:14:45	37,754.00	0.00869	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

10:14:45

37,754.00

0.00869

USD

Price x Volume	Volume	Base Symbol	Related Pairs
3,224,954.60	367,008,884.00	AMP	AMPEUR	AMPGBP	AMPBTC

Price x Volume

Volume

Base Symbol

Related Pairs

3,224,954.60

367,008,884.00

BONK Struggles To Sustain Gains As Selling Pressure Mounts

13/12/2024 4:30pm

NEWSBTC

BONK finds itself under increasing selling pressure as its recent rally falters, raising concerns about the token’s ability to sustain its upward momentum. Struggling to maintain its gains, the price has started a fresh drop toward the $0.00002962 key support level, indicating a possible bearish continuation. This pivotal zone is under scrutiny as a failure to hold could trigger further downward movement, amplifying pessimistic sentiment. Such a scenario may lead to heightened volatility, with participants watching for either signs of a recovery or indications of a deeper correction. Technical Indicators Point To Potential Decline BONK is currently trading below the 100-day Simple Moving Average (SMA), a key technical indicator that gauges market sentiment changes. This positioning below the SMA typically signals a bearish outlook as it indicates that the average price over the past 100 days is lower than the current price. Related Reading: BONK Finds Stability At $0.00004002, Can Bulls Spark A Comeback? The fact that BONK is trading below the 100-day SMA raises concerns about the strength of its recent rally and suggests that selling pressure is currently outweighing buying interest, with prices poised for further losses. With the market sentiment turning negative, there is a high risk of continued declines unless a significant reversal occurs. Additionally, the Relative Strength Index (RSI) has begun to drop again after previously reaching the 50% threshold. Specifically, the decline in the RSI indicator signals a potential weakening of bullish momentum, suggesting that buying pressure is fading. Typically, the RSI’s movement toward lower levels implies that market sentiment may be becoming more cautious with the increase in the risk of bearish action. As the RSI moves away from the neutral zone, it could signal growing selling pressure, reinforcing the potential for a deeper pullback in BONK’s price. Selling Pressure Intensifies: How Low Can BONK Go? Selling pressure on BONK has been mounting, leading to a decline in its price as the recent rally fizzles out. With the token trading below the 100-day Simple Moving Average (SMA) and the Relative Strength Index (RSI) showing signs of weakening momentum, the outlook for BONK is increasingly bearish. Related Reading: Is BONK Rally In Jeopardy? Technical Indicators Confirm Weakness If the selling pressure persists, the price could continue to drop, possibly testing key support levels like $0.00002962. A sustained break below this level could cause further losses, with the next target being the $0.00002320 support level. However, if the meme coin experiences a rebound at $0.00002962, it could initiate a fresh climb toward the $0.00004002 mark. Successfully breaking above this resistance might shift the momentum, potentially triggering a rally beyond the 100-day SMA and targeting the $0.00006247 resistance level. Featured image from LinkedIn, chart from Tradingview.com

Market Data

News

Trading Tools

Markets

Discover

Hot Features

Follow Feed

Options Flow

Monitor

AMPUSD Amp