🚨BONK Price Analysis: A Buying Opportunity or Continued Downtrend?🚀🚀


According to technical analysis, the price of BONK (BONK) is still trading near its moving averages, indicating low trading activity. Although BONK was heavily sold at $0.000033 and fell below the Fibonacci channels, the price has recovered and is currently consolidating around $0.0000284, up over 3% in the last 24 hours.


The moving averages are sloping downward, and the RSI indicator is at a moderate level, suggesting the downtrend may continue. However, if BONK breaks and closes above the current consolidation area, it could signal a recovery, pushing the BONK/USDT pair to the $0.0000369 resistance level. Further buying pressure could drive the price up to $0.000048.


On the other hand, if the price falls below the $0.000024 support level, the uptrend pattern could be invalidated, causing the BONK/USDT pair to decline to the $0.000017 support level.


Investors should closely monitor price movements and trading volume to make informed investment decisions while carefully managing risk.$BONK $BTC