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.



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