CandleFocus BONK In Trouble As Sharp Decline Hints At An Impending Pullback
2024-09-29
Author: Content Editor
The cryptocurrency BONK is experiencing a sharp decline in price, raising concerns about a potential correction and loss of bullish momentum. Technical indicators suggest that the market sentiment is shifting and selling pressure is increasing. The analysis explores the implications of this decline and provides insights into potential support and resistance levels. BONK's price has turned bearish on the 4-hour chart and may continue to retrace towards the 100-day Simple Moving Average. The Relative Strength Index (RSI) has decreased, indicating a shift in market momentum and a possible correction. Despite trading above the 100-day SMA, negative momentum on the daily chart suggests a contradiction in market sentiment. The RSI on the 1-day chart reflects strong sentiment and buying pressure, but nearing the overbought zone raises the possibility of a reversal. Technical indicators suggest BONK may face a decline towards the $0.00001792 support level, with potential further losses if breached. However, if the bulls regain control, the price could rise above $0.00002320 and challenge higher resistance levels.
Related News
3 signs that Bitcoin price is not ready to make a new all-time high Will Bitcoin Surge From Current Levels to a New All-Time High? Analysis Firm Warns October preview: Celestia set to unlock $1 billion in tokens alongside these projects Bitcoin monthly close, fresh bullish narratives lead BTC traders to aim for new price highs Unusual Trading Volume Spikes Detected in 5 Altcoins in South Korea – Here’s the List Terminus Network Partners with Rei Network to Power a Fee-Free, High-Performance Future in Web3 CryptoPunks Dominate Top NFT Sales with $147K Transaction Watch Out: The New Week Has Plenty of Economic Developments and Altcoin Events – Here’s a Day-by-Day, Hour-by-Hour List US Bitcoin ETFs Close In on Satoshi’s BTC Stash, Holding 924,768 BTC Ethena (ENA) Price Momentum Rises Following UStb Stablecoin Launch Watch Out: Big Token Unlock Wave Coming at the End of the Month – 19 Altcoins Have Massive Token Unlocks – Here’s a Day-by-Day,... Saylor Replaces Water with Bitcoin GSR Sends Large ZRO Tokens to Binance Axie Infinity and Chainlink Team Up for Real-Time AXS Data Access Bullish trading pattern on BNB/USD looks ready to explode, but what about the BNB/BTC pair? Gemini’s APAC Chief Saad Ahmed Talks Crypto Trends, Regulation, and Global Expansion Bitcoin (BTC) Price Likely to Experience Brief Correction After Hitting $65,000 This Week in Crypto Games: 'Hamster Kombat' Airdrop and Expansion, $47 Million Gaming Scam Imminent BTC price breakout; Bitcoin forming path to $350,000 spike Ethereum underperforms Bitcoin, but is the ETH/BTC pair ripe for a turnaround? Will Binance Founder 'CZ's Post-Release Plans Fuel a BNB Price Rally to $700? Bitcoin’s strong monthly close could spark a rally in XRP, TAO, RUNE and SEI Binance Coin (BNB) Price Prediction for September 29 Ethereum Liquid Staking Hits 14M ETH Milestone, Adding 1.77M in 2024 Polymarket Predicts 61% Chance of 2024 Bitcoin All-Time High, 17% for $100K Sui Price Surges 10% Is ATH in Sight as Bulls Dominate Market? Hashprice Gains Give Bitcoin Miners a Much-Needed Boost After Sluggish Month Shiba Inu (SHIB) on Verge of Price Tripling as 'Uptober' Nears Flare (FLR) Price Rises Amid Rising TVL and Market Optimism Bitcoin price eyes 11% monthly gains as DXY threatens 'major' plunge FTX to set aside up to $230 million for shareholders, not creditors, from gov't forfeiture proceeds 3 reasons why Ethereum will hit $10K next bull cycle Bitcoin price to $62K? Bearish div hints at a slow start to Uptober CFTC Sues Over $3.6M Digital Asset Fraud Targeting Asian Americans DOT’s Push Above $5 Falters Once Again: Market Sentiment Turns Cautious as Price Falls Bitcoin retail comeback on the cards as Coinbase pierces top-400 apps BNB Reaches Bullish Exhaustion When It Moves Below $620 Pump.fun Fee Account Sells $SOL Equaling $18M Amid a Revenue Milestone of $120M Will Solana Price Delay $200 Breakout as Pump Fun Sells $18.9M in SOL? 'Why Not Just Burn XRP?': Ripple CTO Doubts New XRPL Initiative XRP leads crypto weekend gains fueled by surging open interest Crypto Mining Rig Sales Are Securities? Not So Fast, Lawyers Say Ripple Mints 99% of RLUSD Tokens in 24 Hours Beware: Cryptocurrencies to unlock $300 million supply this week The real winner of the 2024 US elections will be crypto | Opinion Here is Ethereum Price If It Captures the Total Bitcoin Market Cap 11,543x Return on New Solana Meme Coin: But You Must Know This First Dynamic Bitcoin Ordinals Artwork Will Be First Ever Auctioned at Christie's Bitcoin at risk as investors interest is ‘worse than bear market’ lows Michael Saylor Epic 99% Bitcoin Prediction Stuns Crypto Community SHIB Among Worst-Performing Coins in Top 100, What's Happened? What to Expect from Ripple (XRP) in October 2024 Shiba Inu (SHIB) Thrilling Metric Comeback Makes It Extremely Bullish ‘Captain Tsubasa: Rivals’ Telegram Tips Guide : How to Earn the Most Balls Ahead of the Airdrop Dutch regulator warns of crypto pump-and-dump risks ahead of MiCAR The Fastest-Growing Crypto Sensations: Next Big Wins in Blockchain Bitcoin Price Nears $66K: Rally or Bull Trap? Bitcoin Holds Above $65,000 Due To Trader Hesitation Renowned Economist Blasts Altcoins, Explains Why He Prefers Only Bitcoin Former Binance CEO CZ Breaks Silence Following Release from Prison Ripple partners with India for Oil Unveiling $500 Trillion Market for XRP Deep Chainsaw: Milei's Government Prepares New Measures to Curb Public Spending Former Chinese finance minister urges crypto study after US Bitcoin ETF shift UNI Surges 30% Amid Ongoing On-Chain Development Talks Why Stablecoins Fail: Lessons From the Past BONK In Trouble As Sharp Decline Hints At An Impending Pullback 5 Reasons Why the Hamster Kombat (HMSTR) Airdrop Failed Ripple (XRP) Soars to 7-Week Peak, Bitcoin (BTC) Calms Below $66K: Weekend Watch Top Picks for 2024: The Best Cheap Crypto to Buy Now for Maximum Growth Select Group of Russian Firms Authorized to Use Crypto for Chinese Imports Amid Sanctions LATAM Crypto Roundup: Nexo Joins Colombia Fintech Association, Worldcoin Expands to Guatemala, and More Why Stablecoins Fail: Lessons From the Past 5 Top Cryptocurrency ETFs Leading the Market in 2024: Maximize Returns with Bitcoin and Ethereum Funds Is Shiba Inu Ready For A New All-Time High Above $0.00008? Analyst Says Yes The Fastest-Growing Crypto Sensations: Next Big Wins in Blockchain LATAM Crypto Roundup: Nexo Joins Colombia Fintech Association, Worldcoin Expands to Guatemala, and More Top Seven Crypto Fundraising Events of the Week Select Group of Russian Firms Authorized to Use Crypto for Chinese Imports Amid Sanctions UNI Surges 30% Amid Ongoing On-Chain Development Talks VeChain Eyes Major Reversal as Analysts Predict Surge to $2 Top Searched Cryptocurrencies Last Week: Ether.fi & Arkham Dominate the Market Dogecoin Whales Stack Up 1.4 Billion Coins As Veteran Trader Eyes Blistering DOGE Rally Telegram Gaming Token Could Surge by Over 40% Based on a Trend Indicator, According to Crypto Analyst Chainlink (LINK) Double Breakout, Buy Signal or What? Best Coin to Boom in 2024: Promising Digital Assets Ready for a Bull Run Analysts Says “SHIB Is on Fire”; Liken Potential 1,000% Shiba Inu Rally Just Like 2021 HEX Price Recovers From All-Time-Low, Can It Recover Recent Losses?