BONK Escapes Bullish Channel, Will It Drop to $0.000004604

BONKUSDT has broken out of the medium-term positive price channel that it had traded in since 22 October. Following its fall below the lower barrier of this price channel, the meme coin retested the $0.0000149068 support level over the past 48 hours, and bears managed to drag its price below this significant price point.

Should traders continue to offload their holdings, the cryptocurrency may drop to the subsequent support at $0.0000089940 in the coming few days. In an extreme bearish scenario, BONK could fall to as low as $0.0000046040 in the short term.

This bearish thesis may be invalidated if BONK is able to close a daily candle above $0.0000149068 in the next 48 hours. In this alternative scenario, the cryptocurrency could begin to climb to the major resistance level at $0.0000346810 in the following week.

Technical indicators on BONK’s chart signaled that BONK’s negative trend shows no signs of slowing down. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) indicators are flagging bearish. Currently, sellers have the upper hand against buyers, as the RSI line is positioned below the RSI Simple Moving Average (SMA) line. Meanwhile, the MACD line was breaking away bearishly below the MACD Signal line, suggesting a continuation of BONK’s negative trend in the next few days.