CandleFocus BONK Struggles To Sustain Gains As Selling Pressure Mounts
2024-12-13
Author: Content Editor
The cryptocurrency token BONK is seeing increased selling pressure, causing its recent rally to falter. This has raised concerns about the token's ability to sustain upward momentum. The price has dropped toward a key support level, signaling a potential bearish continuation. The token is trading below the 100-day Simple Moving Average (SMA), indicating a bearish outlook and suggesting that selling pressure outweighs buying interest. The Relative Strength Index (RSI) is also dropping, indicating weakening bullish momentum. The outlook for BONK is increasingly bearish, with the possibility of further losses if selling pressure continues. However, if the token experiences a rebound, it could initiate a fresh climb and potentially shift the momentum towards a rally.
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