BONK Price Poised to Retest Major Support

BONK price notably recovered from the $0.0000155 to $0.0000218 high this week, registering a 40% jump. This sudden jump in most major altcoins followed the Bitcoin recovery above $60000 amid a market relief rally.

BONK price fell more than 5% during US trading hours on Friday as the crypto market's mid-week recovery stalled. No follow-up to the upside indicates buyers are not convinced and a potential pullback to the bottom. Will the correction trend extend?

BONK Price Ready to Retest Key Support

BONK price increased by 40% this week, from $0.0000155 to $0.0000218. This sudden jump, seen in most major altcoins, occurred after the market relief rally that saw Bitcoin rise above $60000.

In such scenarios, Meme cryptocurrencies are often among the top risers due to their volatile nature and suitability for speculation trading. However, this bounce does not confirm a trend reversal compared to the intense downtrend in July.

In this vein, Solana-based meme coin BONK returned to the $0.000020 price level and its market cap dropped to $1.43 billion.

A bearish crossover between the 50- and 100-day EMAs could renew selling pressure and push meme token down 16% to $0.000016 and retest channel pattern support. Price below the daily EMAs (20, 50, 100, and 200) indicate that the path of least resistance is down.

A drop below the lower trend line would accelerate selling pressure, breaking the six-month pattern and pushing the BONK price to $0.000012.

On the other hand, the ascending channel has consistently served as a primary accumulation area for investors seeking discounted entry points. The last reversal from the lower trend line in April 2024 triggered a significant 237% rally and pushed the price as high as $0.0000445.

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