BONK crypto, the popular Solana-based meme coin, appears bearish and may continue its downward momentum in the coming days. According to the daily chart, the meme coin has been trading within a descending channel pattern, fluctuating between its lower and upper boundaries.
However, the meme coin has recently reached the upper boundary of the channel pattern and formed a bearish engulfing candlestick, followed by a confirmation, indicating a potential downside momentum for BONK crypto.
Current Price Momentum
At press time, BONK crypto is trading near $0.00001326 and has experienced a modest price drop of 2.10% in the past 24 hours. With this slight downward momentum, BONK crypto appears to be struggling, as it continues to consolidate within a tight range around the local support level of $0.000013.
The ongoing consolidation and moderate price decline near a key support level have led to reduced investor and trader participation, resulting in a 14% drop in trading volume.
Also Read: XLM Crypto Price Dips 3%, Will $0.22 Hold?
Experts and Analysts Bearish View for BONK
Given the current market sentiment, experts and analysts have shared multiple posts on X (formerly Twitter), expressing a bearish outlook.
Recently, a crypto analyst shared a post on X (formerly Twitter), including a 15-minute chart of BONK crypto. In the post, the analyst expressed interest in going long, but only if the price drops further.
As per the post, the analyst believes BONK crypto could decline to the levels of $0.00001286, $0.00001243, and $0.00001183 soon. These levels are seen as ideal buying opportunities for traders.
Meanwhile, the chart also highlighted the range between $0.00001322 and $0.00001407 as a potential zone to build short positions.
Meanwhile, another expert shared a weekly analysis. In the post,, the expert noted that last week, BONK crypto was rejected from the $0.0000218 level without showing any clear bearish or reversal signals.
The expert also mentioned that the next support area where traders could consider scalping is around $0.0000092, with a potential swing spot buy opportunity later near $0.0000042, targeting a move above the $0.00002 level in the future.
These posts on X have gained widespread attention from crypto enthusiasts, as they suggest that the price could move lower in the coming days.
BONK Price Action and Key Technical Levels
According to expert technical analysis, BONK crypto appears bearish due to its momentum within a prolonged descending channel pattern. The daily chart reveals that BONK has successfully formed a bearish setup.
BONK Crypto Price Prediction
Based on recent price action, BONK crypto has formed a bearish engulfing candlestick pattern, followed by a red candle close, which potentially indicates that BONK is poised for further downside momentum.
If the current market sentiment remains unchanged, there is a strong possibility that BONK crypto could drop by 19%, with the price potentially reaching the $0.000011 level in the near future.
On the other hand, BONK’s upside momentum could only occur if the meme coin breaks out of the descending channel pattern and closes a daily candle above the $0.0000154 level. If this happens, there is a strong possibility that BONK crypto could soar by 20%, potentially reaching the $0.00001868 level in the near future.
