Bang declined, moving towards the key price level of USD 0.00002635 as bearish forces took control. This level may be the bulls’ last chance to regain momentum and prevent a deeper correction.

With the market sentiment uncertain, all eyes are on whether buyers can return to this key support. A successful defense could trigger a bullish retreat, injecting fresh optimism into Bonk’s price trajectory. However, if the bears remain mighty, the path forward could become more complex.

This analysis aims to examine the recent price movement of the meme coin as it approaches the $0.00002635 support level and assess whether this key point could trigger a potential trend reversal. By analyzing technical indicators, market sentiment and historical price patterns, this article aims to provide information on whether bullish pressure may reassert itself at this level or if further bearish pressure may cause the price to decline.

Analysis of Bonk price trends and recent downward change

Recently, despite remaining above the 100-day basic moving average (SMA), Bonk has entered a bearish phase on the 4-hour chart. After encountering resistance at USD 0.00004002, the price retreated towards USD 0.00002962. This retreat indicates increasing negative pressure where sellers are gaining control. If price fails to hold at $0.00002962, further declines could occur, possibly testing lower support levels.

Additionally, the 4-hour Relative Strength Index (RSI) dropped from 80% to 63%, signaling a decline in the bullish trend momentum. As the RSI approaches neutral territory, buying pressure decreases and market confidence in the uptrend decreases. In particular, this change suggests that BONK may be entering a correction phase, with the potential to move further down if the trend continues.

On the daily chart, after encountering resistance at the level of USD 0.00004002, BONK shows increasing pessimism. The negative candlestick pattern and decline towards $0.00002962 highlights increasing selling pressure as the same corner struggles to maintain higher levels. This means that market dynamics are changing and BONK could face additional downward pressure if it fails to stabilize the situation.

Finally, on the 1-day chart, the RSI dropped from 82% to 67%, signaling a possibility Change shows dynamics, which suggests a weakening of buying pressure and a transition from an overbought state to a more neutral or bearish phase. As the RSI moves away from overbought levels, it indicates that upside strength is weakening and sellers may gain control, which could lead to a price correction or consolidation.

How to overcome the crisis: can the bulls fend off Bonk?

As the market faces a downturn and the price falls to $0.00002962, the key question is whether the bulls will be able to regain control and reverse the trend, or whether the bear pressure will continue to push the price down. If BONK reaches this support level i Bulls is able to successfully defend it, a rebound could occur, potentially causing a resurgence towards $0.00004002 and beyond.

However, failure to defend this support could signal further declines that could reach lower levels such as $0.00002320 and beyond.

Featured image from YouTube, chart from Tradingview.com