BONK experiences a steep correction, with traders eyeing key support zones after heavy sell-offs.
BONK has witnessed a sharp retracement, falling 27.6% in the past 24 hours to trade at $0.0000223. The decline comes after a failed attempt to sustain momentum above the $0.000028–$0.000030 resistance zone, where aggressive profit-taking triggered a wave of liquidation across the market.
The daily chart highlights BONK struggling to defend its green support area around $0.0000220–$0.0000215, a zone that has historically served as a rebound point during July’s breakout rally. A clean breakdown below this level could expose the token to deeper losses toward $0.0000180, aligning with the lower boundary of its consolidation structure.
Meanwhile, resistance has formed between $0.0000250 and $0.0000300, with sellers repeatedly stepping in to cap upward moves. “BONK is entering a decisive phase. Buyers must hold the $0.0000220 area to prevent further downside pressure,” According to BITX analyst .
Earlier in June, BONK escaped a descending channel formation, sparking optimism for a sustained rally. That momentum carried the token toward late July highs near $0.0000450. However, the rally has since unraveled, with volume spikes suggesting heightened volatility as investors rotate positions.
BONK’s 27% daily drop underscores the fragility of recent gains. While the $0.0000220 support zone remains a battleground for bulls, sustained pressure from sellers could trigger an extended correction. Traders will be watching closely whether BONK can consolidate at current levels or slide toward $0.0000180, which may define the next major directional move.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.