bullish

Rally

<a href="https://yellow.com/asset/bonk" rel="noopener noreferrer nofollow">BONK</a> faces heightened selling pressure as its previous rally loses steam, sparking concerns over the token's ability to continue its upward trajectory. As the price experiences renewed decline toward the critical $0.00002962 support level, the potential for a bearish continuation becomes more pronounced.
This crucial juncture is closely watched, as any failure to hold might incite further downside movement, intensifying pessimistic market sentiment. Such conditions could usher in increased volatility, with stakeholders vigilantly observing potential recovery signals or deeper correction cues.
The trading position of BONK below the 100-day Simple Moving Average (SMA) <a href="https://www.newsbtc.com/analysis/bonk/bonk-struggles-to-sustain-gains/" rel="noopener noreferrer nofollow">serves</a> as a significant indication of shifting market sentiment. This alignment beneath the SMA generally paints a bearish outlook, indicating that the past 100 days' average price surpasses the current level. This suggests vulnerability in BONK's recent rally, with selling pressure seemingly eclipsing buying interest, thus making further price drops likely. The prevailing negative market sentiment propels a high risk of ongoing declines, barring a substantial reversal.
Moreover, the Relative Strength Index (RSI) begins to slide once more after hitting the 50% benchmark, reflecting a potential dip in bullish momentum and a waning buying interest. RSI's downward movement often indicates a cautious market atmosphere, heightening the risk of bearish actions. As the RSI edges away from the neutral zone, it may signal increasing selling pressure, underscoring the potential for a more substantial pullback in BONK's price.
The intensifying selling pressure on BONK accompanies a downturn in its price as the recent rally dissipates. With the token positioned beneath the 100-day SMA and the RSI reflecting a weakening momentum, the outlook for BONK appears increasingly bearish.
Should this selling pressure persist, the price might continue its downward trajectory, potentially challenging key support levels such as $0.00002962. A sustained decline below this threshold could precipitate further losses, targeting the subsequent $0.00002320 support level. Conversely, a rebound at $0.00002962 might set off a new ascent toward the $0.00004002 mark. Successfully overcoming this resistance could alter momentum, potentially catalyzing a rally beyond the 100-day SMA and aiming for the $0.00006247 resistance level.

BONK Rally Loses Steam Amid Growing Sell-Off

Yellow News

Other articles published on Dec 13, 2024

From Zero to Millions: Experts Predict This AI Token Will Dominate Ethereum and Solana

DWF Labs Partners with The Blockchain Center Abu Dhabi to Boost Web3 Innovation in the MENA Region

Fartcoin Market Cap Hits $643M, Outperforming 85% of U.S. Public Companies

Crypto Exchange Volume Hits $2.9T in November, Highest Since May 2021

Ethereum (ETH) Eyes $4K as Whales Make Big Moves

Vancouver takes a bold step toward crypto adoption

Join our free newsletter for daily crypto updates!