BONK is struggling to recover after a fall of 85%, where will the price go?

1. BONK has decreased by more than 85% from its ATH. This memecoin reached a level around $0.00008 and has dropped significantly, currently trading around $0.0000115.

The value floor has been wiped out at USD rate and there are no clear signs of being removed. According to CoinMarketCap, the market capitalization of BONK is currently at 966.06 million USD, with a 24-hour trading volume of 154.83 million USD.

In this context, BONK has dropped sharply and is in a precarious situation where it needs to prove that it deserves the attention of traders.

BONK faces multiple methods

Although the cryptocurrency market often proves various types of recovery after downturns, BONK is an exception.

The market lacks strong fundamental factors, so the likelihood of stable recovery is low. Unlike Dogecoin and Shiba Inu, which have built a community and have continuous development, BONK lacks those essential components to support sustainable recovery.

Source: AstroFrogTraders have expressed concerns about this, stating that BONK is unlikely to regain its previous price levels without additional compelling narratives, a vibrant community, or significant development.

Memecoins complete investors' attention and maintain hype. However, BONK has failed to sustain the necessary heat for growth.

Experts explain that, in addition to a high market capitalization, this memecoin project needs to find many other drivers to overcome difficulties.

In addition, BONK lacks new use cases to maintain growth, thus creating uncertainty.

First, this memecoin provides benefits from its connection to the growth of the Solana ecosystem. However, its long-term value ceiling will be questioned without further adoption or real-world application.

While DOGE receives support from Elon Musk or SHIB, which is actively building its ecosystem, BONK has no roadmap to attract the interest of investors.

Technical indicators reflect weakness

According to the charts of analysts, the price action of BONK is decreasing. According to many indicators, this memecoin is facing difficulties.

On the chart day, the price has chosen a downward trend. It seems there is little chance of a reversal in the near future or regaining major support.

After reaching its peak, BONK has continuously formed lower highs and lower lows. This means that selling pressure is steadily increasing.

The structure of the field shows a sharp decline from ATH and has not yet established a base to determine these levels.

Although the trading volume is quite large, the buying pressure is not sufficient to reverse it.

The BONK chart for the extended status has been found. After a sharp decline, this is often a sign of uncertainty among investors.

BONK continues to face selling pressure on the 4-hour chart, with the price stuck below the 50, 100, and 200 moving averages.

Therefore, selling pressure is still leveraged. The 200-day moving average at $0.00001327 is a crucial resistance level, and this token once again failed to surpass these levels, indicating a lack of bullish momentum.

Until the system is determined to exceed this capacity, the high potential of BONK will continue to decline.

BONK/USD Chart – 4 Hours | Source: TradingViewThe Average Directional Index (ADX) is positioned at 11.67, indicating that there is no strength or trend currently occurring.

ADX below 20 typically indicates weak price momentum, suggesting that no party is truly engaging in the market sector.

You can see the coin price here.

Disclaimer: The article is for informational purposes only and is not investment advice. Investment should be carefully considered before making decisions. We do not take responsibility for your investment decisions.

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Viet Cuong

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