Bonk is currently in the red following over 20% loss since yesterday. It appeared weak and now bleeding on the day. However, the price is approaching a key level, where a potential rebound is likely.

The latest clampdown has positioned most meme coins in a downward range while bringing them to their lowest levels in three weeks. Bonk Inu cracked lower yesterday to a daily low of $0.0000195. 

Looking back from where it initiated drops from $0.0000477 two weeks ago, it has corrected by more than 50% – providing another opportunity for long-term buyers. However, it has not shown any signs of stopping yet as a bigger discount is likely to surface in the next few days. 

From the look of things, more sell-offs are still underway. Right now, the price is almost reaching January’s high. We may see a temporal hold above this level when the price retests that high. 

But looking at the setup from a technical standpoint, the $0.000013 level flipped as resistance in late February is the main target to watch for a major bounce. 

Bouncing off this support should validate a break and retest pattern. After that, we can expect a fresh bullish formation. A correction below the February low may lead to a big price collapse. On a macro-outlook, it is still under the bulls’ radar with over 100% gain in three months.

The closest level for support lies at $0.000018 – the January high. Subsequent support to watch below is February’s $0.0000146 high, followed by the key $0.00002 level.

As it stands now, there are no signs of buying. The $0.0000238 level is held as immediate resistance. If the bulls step back, an increase above this level could bring a nice recovery to $0.0000286 and $0.0000367 levels before breaking higher.

Key Resistance Levels: $0.0000238, $0.0000286, $0.0000367,

Key Support Levels: $0.000018, $0.0000146, $0.0000127

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: tinofotografie/123RF // Image Effects by Colorcinch

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