BONK Extends Decline as Breakdown Below Support Signals Further Weakness
BONK's price fell below key support at $0.00001032 amid a significant surge in trading volume, suggesting continued short-term weakness.Summary
The cryptocurrency BONK continued its downward trend, dropping to $0.00001006 after failing to sustain the $0.00001090 level. Price action confirmed a breakdown below the critical short-term support zone of $0.00001032, as validated by CoinDesk Research's technical analysis.
This decline was accompanied by a substantial 113% increase in trading volume, reaching 1.06 trillion tokens, which correlated with the breach of support. Hourly charts now display a pattern of lower highs and lower lows, with momentum indicators nearing oversold conditions.
For BONK to improve its short-term outlook, it must reclaim the former support level at $0.00001032. However, the immediate level to watch for stabilization is support near $0.00001017; a sustained move below this point could lead to further price exploration to the downside.
(Source：CoinDesk)