Volatility spikes as BONK tests key $0.00002620 support level
BONK (BONK/USDT) retreated 8% in the last 24 hours after briefly reaching its August high of $0.00002841, signaling a cooling off in momentum following a strong rally earlier this month. The decline brought the meme coin to a key support zone near $0.00002620, where buying interest has so far helped stabilize prices.
The recent rally began in mid-July when BONK broke out of a descending channel formation, a move often seen as a bullish reversal signal in technical trading. The breakout was supported by rising volume, indicating that market participants were positioning for a move toward the $0.00002850–$0.00002900 resistance range — an area marked in red on the chart.
Currently, the $0.00002600–$0.00002620 range (green zone) is acting as the first line of defense for bulls. A decisive close below this level could trigger a deeper correction toward the $0.00002250 region, where prior consolidation occurred in late July. On the upside, reclaiming the recent high would put the psychological $0.00003000 level in focus.
Market volatility remains elevated, with 225.6 billion BONK traded over the past day, highlighting the speculative interest in the token. While short-term traders are closely monitoring intraday levels, swing traders may see the current dip as a potential accumulation opportunity — provided support holds.
“If buyers can maintain control above $0.00002600, the bullish structure remains intact,” BITX analyst noted. “Losing that level could shift sentiment quickly back to the bears.”
With BONK consolidating between key resistance at $0.00002850 and support at $0.00002600, the coming sessions will determine whether this is a healthy pullback or the start of a broader reversal.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.