BONK finds stability at demand zone after recent decline
BONK, one of the most-watched meme coins in the market, slipped by nearly 3% in the past 24 hours, currently trading around $0.00002108. Despite the drop, the token is still holding above a critical support level, preventing a deeper selloff.
The 4-hour chart highlights BONK consolidating after a sharp retracement from its August highs near $0.00003600. The token has tested the green demand zone at $0.00002000–$0.00002100, which has provided short-term stability for buyers.
Above, the first significant resistance lies in the $0.00002400–$0.00002500 zone, followed by a heavier supply area at $0.00002800–$0.00003000, where selling pressure has previously capped rallies.
“As long as BONK holds the $0.00002100 support, buyers may attempt a recovery toward $0.00002400. However, a break below this base could trigger a slide toward $0.00001800,” According to BITX market analysts.
Trading volume has remained moderate compared to the sharp spikes seen during BONK’s July breakout, when the token rallied from a descending wedge pattern. That rally pushed the coin to new highs before sellers stepped in near $0.00003600.
Experts caution that low liquidity in meme coins often magnifies volatility, meaning sharp swings can occur in either direction. “BONK’s current setup is balanced between defending support and facing strong overhead resistance. Without an uptick in demand, sideways consolidation seems likely in the near term,” BITX strategist explained.
BONK’s 3% daily decline underscores the cautious sentiment among traders, but the token’s ability to stay above the $0.00002100 demand zone provides some relief for bulls. A rebound toward $0.00002400 could keep short-term momentum alive, while a failure to hold current levels risks extending losses into lower ranges.
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.