The cryptocurrency market is drowning in red, as the total value of liquidations in the past 24 hours has exceeded $350 million—as of the time of writing. In this wave of sell-offs, Bonk (BONK), Sonic (S), and Fartcoin (FARTCOIN) have become the most severely affected, with double-digit declines. The current technical picture further complicates investors' decisions, as strong divergent signals persist, and the risk of downturn remains clear and is trending upwards.
Bonk faces the risk of breaking the important support zone
As of the time of writing on Wednesday, Bonk continues to slide an additional 2%, extending the total decline to 8% within just two days. This meme coin is gradually losing its upward momentum as the price falls below the important support threshold—the 50% Fibonacci retracement level at $0.00002350, calculated from the peak of $0.00006230 (on November 20) to the bottom of $0.00000886 (on April 7).
If Bonk closes below this zone, selling pressure may drive the price to decline further, with the nearest target being the 200-day exponential moving average (EMA), currently around $0.00002134.
Currently, BONK's 'least resistant' path is leaning towards a downward trend, as the upward momentum shows clear signs of weakening. The MACD indicator has crossed below the signal line and is heading towards the neutral zone, reflecting a decline in market momentum. Meanwhile, the RSI index is at 40—approaching the oversold region and still has room to decrease further.
However, if Bonk can bounce back from the 50% Fibonacci level at $0.00002350, the possibility of recovery towards the next resistance zone at the 61.8% Fibonacci retracement level—equivalent to $0.00002958—is entirely feasible.
Sonic faces the risk of deeper correction as the strong downward momentum rises.
As of now, Sonic continues to weaken with a nearly 2% drop, extending an 8% correction from Tuesday's session. On the daily chart, this staking platform token is moving within a falling wedge pattern, heading towards the important support zone at $0.2494—the level that was last tested on June 22.
Selling pressure is increasing as the RSI continues to plummet, currently hitting 33—approaching the oversold region. At the same time, both the MACD line and the signal line are deep in the negative zone, clearly reflecting the strengthening downward trend.
The absence of nearby support zones makes Sonic's short-term reversal potential fragile. However, in the case of recovery, if the price can break back above $0.2932, the upward momentum could be activated, opening up the opportunity to reach the 50-day EMA at $0.3403.
Fartcoin investors are concerned as the risk of a price decline increases.
As of the time of writing on Wednesday, Fartcoin has dropped over 6%, continuing the 4% decline from Tuesday. This meme coin from the Solana ecosystem is losing its upward momentum, erasing all the recovery gains made on Sunday after reversing at the Fibonacci level of 61.8% around the $1 threshold—measured from the peak of $2.74 on January 19 to the bottom of $0.19 on March 10.
Currently, Fartcoin is gradually sliding towards the Fibonacci 50% support zone at $0.73, as profit-taking pressure from the high price range shows no signs of easing.
From a technical perspective, the MACD indicator and the signal line are still in the negative zone, but are trending closer together—a sign that could indicate a crossover in the short term, implying that the downward momentum is slowing down. However, since the MACD is a lagging indicator, investors should remain cautious.
The RSI index on the daily frame is currently at 37, indicating that buying pressure is weakening amid a distinctly fluctuating market sentiment.
On the contrary, if Fartcoin can recover, the upward momentum is likely to expand towards the 50-day exponential moving average (EMA), currently around $1.16.