After ending last week’s trading in a dip, Bonk Inu bounced back on Monday and attempted to close strong this weekend. It encountered resistance and the price is now slowly pulling back.

In mid-December 2023, Bonk went through a serious fall as it reached a peak of $0.000035. Following a series of failed attempts to bounce back, the meme coin advanced lower and paused selling the $0.00001 key level.

It found support at that price level and started to show signs of strength this week. After three days of notable recovery, it encountered rejection at $0.000018 and retraced briefly. It may resume buying if the weekly support stands.

But looking at the recent drop in volatility, Bonk may remain a bit calm for a few hours before initiating another surge. Currently, it is footing a bearish action on the hourly chart. A drop below this week’s support could trigger another drawdown in the market.

While the weekly rejected high is an important level to watch for the next move, a break above it could bring the bulls back into the spotlight. Even if they scale through that high, they must also reclaim last month’s high before gaining full control of the market.

BONK’s Key Level To Watch

Source: Tradingview

Now that the price is rolling back, it may revisit the weekly support of $0.00001. If the crypto fails to bounce back, the $0.00000575 level would be the next support to keep in mind for drops. Losing this level may result in more dips to an oversold level of $0.000001 before the price bounces back.

The price is trading slightly below the $0.000015 resistance level. If Bonk climbs back and flips through this resistance to retake the weekly high of $0.000018, the next resistance to watch for an increase would be $0.0000215, followed by $0.000029.

Key Resistance Levels: $0.000018, $0.0000215, $0.000029

Key Support Levels:  $0.00001, $0.00000575, $0.000001

Spot Price: $0.0000147
Trend: Bearish
Volatility: Low

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Image Source: calima3d/123RF // Image Effects by Colorcinch

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Filed under: Bitcoin - @ January 15, 2024 7:15 pm