Meme coin faces strong selling pressure near $0.000019 amid technical weakness
BONK (BONK/USDT) slid nearly 8% in the last trading session, falling to around $0.000019, as the popular meme coin struggled to hold above a key support zone. The decline highlights mounting bearish sentiment after weeks of corrective movement, with traders closely watching whether buyers will defend this critical price level.
On the daily chart, BONK has broken down from the mid-range resistance at $0.000024–$0.000027, which previously acted as a supply zone. The coin is now testing the green demand area near $0.000019–$0.000020, a region that played a major role during its earlier rally.
According to BITX market strategists, “BONK has returned to a zone where buyers historically stepped in. If this level fails, the next significant support could lie closer to $0.000016, leaving the token vulnerable to deeper losses.”
Meanwhile, upside momentum remains capped by the heavy resistance around $0.000039, where sellers dominated during the summer rally.
Trading volume has shown spikes on red candles, suggesting that sellers are gaining control. Despite strong community interest in meme tokens, BONK’s repeated failure to sustain higher levels indicates that speculative momentum may be fading.
According to BITX analysts, “The market is in a wait-and-see mode. BONK will either rebound strongly from $0.000019, or we could see a slide toward the $0.000016 mark. Short-term traders are cautious until direction becomes clearer.”
In the near term, holding above $0.000019 is crucial for bulls to reassert dominance. A bounce from this zone could re-target $0.000024, with a breakout eyeing $0.000027 as the next resistance. However, if selling pressure persists, BONK may struggle to avoid further declines.
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.