BONK Price Loses Momentum As Volatility Increases! Will The Memecoin Revive Itself?

The crypto industry had started the year positively by adding significant value to its valuation. However, the market has experienced a short selling which has resulted in top cryptocurrencies recording correction in their respective portfolio.

Further, the BONK price has lost over 10% in the past day, indicating a bear power in the market. The BONK price traded in a range between $0.000004945 and $0.000009635 for a while, following which the market gained momentum and the price broke out of the range.

However, the rally was short-lived as the price faced rejection at $0.000015010, after which the price traded in a closed range between $0.000009635 and $0.000015010 for over a week.

Following this, the BONK price gained significant price momentum and jumped over 264%, after which the bulls faced rejection at $0.000035115. After this, the Bonk token recorded a correction of approximately 38%.

As the market lost momentum, the memecoin continued to trade in a consolidated range between $0.000015010 and $0.000021792 for over a week. The Bonk price made multiple attempts to hold the price above the support level, but the bears overpowered the bulls, resulting in a price breakdown.

Since then, the price has been trading negatively in a consolidated range between $0.000009635 and $0.000015010. Moreover, the Cross EMA 50/200 Day has witnessed a Death Cross, indicating a strong bearish influence in the crypto space.

Will BONK Price Go Back Up?

The Moving Average Convergence Divergence (MACD) displays a constant flatline in the chart, indicating weak buying and selling pressure in the market. Further, the averages show a bearish convergence, suggesting the price will continue losing momentum in the coming time.

If the bulls hold the price above the support level of $0.000009635, the BONK price will regain momentum and run to test its resistance level of $0.000015010. Maintaining the price at that level will give the price the ability to prepare to test its upper resistance level of $0.000017476 in the coming time.

Negatively, if the bears continue to hold power, the price will break down its support level and test its lower support level of $0.00000726. Further, if the bears continue to dominate the market, they will plunge and fall to test their crucial support level of $0.000004945.