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Bonk’un (BONK) price rose to the month’s highest level of $0.000033 on July 21, attracting attention. However, the meme coin’s price experienced a noticeable decline afterward, dropping to $0.000025 four days later, marking the week’s lowest level. Subsequently, the token attempted to rise again but retreated after reaching $0.000030. Following these price drops, BONK saw a further 5.95% decrease in value over the past 24 hours. Despite all these declines, BONK may see an upward trend in the future.
Bonk Comments
Looking at the existing chart below, BONK fell below the 20 EMA level on July 29 at the beginning of this process. EMA is the Exponential Moving Average, a technical indicator that reveals the direction of the trend.
Generally, when a cryptocurrency‘s price is below the EMA, it indicates a downtrend. On the other hand, rising above the EMA could indicate a trend reversal in BONK.
At the time of writing, BONK’s price was seen at $0.00002594. BONK’s trading volume also saw a 5.95% decrease during this period. After the decline, the volume dropped to $1.8 billion. The trading volume rose by 0.59% to over $213 million. If the price can rise above the EMA, it is thought that the meme coin could erase some of its recent losses.
However, it is also mentioned that buying pressure needs to increase for this to happen. Although the buying pressure is not at the desired level right now, fluctuations continue for BONK.
BONK’s Future
At the time of writing, BONK continues to stay above the 61.8% Fibonacci retracement level. The Fibonacci indicator is known for reflecting potential levels of price reversals.
Exceeding the 61.8% Fib level, known as a historical level, is considered important for BONK’s recovery. Additionally, with a possible positive trend reversal, BONK’s price could rise again to $0.000030. However, if bears exert pressure, BONK could fall to $0.000024.
Despite the downward movements that marked the past year, it should not be forgotten that BONK experienced a 23,684% increase over the past year, and the price could reflect new highs on the charts following the Fed decisions to be announced tomorrow.
