BONK Drops 8.7%, Nears Key Support Zone
Key Takeaways
- The meme coin BONK lost approximately 8.7% in value within 24 hours.
- The price is approaching a key support zone between $0.00001546 and $0.00001405 USD.
- Market data indicates a predominantly bearish sentiment.
- However, strong buying pressure in the spot market could trigger a reversal.
Current Price Development of BONK
Over the past 24 hours, BONK’s price dropped by 8.67%, continuing the downward trend of the past week. Despite a monthly gain of over 40%, the coin is currently showing signs of weakness. It is moving toward a so-called demand zone — an area where increased buy orders are expected. This zone lies between $0.00001546 and $0.00001405 USD.
Why This Zone Is Crucial
Demand zones are price areas where large volumes of buying are expected. They can initiate a trend reversal if enough demand emerges. If BONK encounters sufficient buyers in this area, a stabilization or even a rebound is possible. Otherwise, further price declines are likely. According to analysis, the next support levels are at $0.00001178, $0.00001043, and $0.00000888 USD.
Liquidity Data Suggest Risk of Further Losses
A look at the liquidation heatmap shows that BONK is currently trading in a zone with high liquidity density — between $0.000016 and $0.00001448 USD. This suggests that the coin is likely to enter the demand zone. Whether a recovery will occur there remains uncertain. The heatmap alone does not provide evidence of a sustainable trend reversal.
Market Sentiment Remains Bearish
Another indicator of the current market situation is the so-called Taker Buy/Sell Ratio. It measures the ratio of long to short positions. The current value is 0.8457 — meaning that 54.18% of market participants are betting on falling prices. Only 45.82% expect rising prices. In addition, long positions worth $205,000 USD were liquidated in the past few hours, while only $1,990 USD in short positions were closed. This highlights the selling pressure in the market.
Spot Market as a Possible Silver Lining
Despite the predominantly negative signals, there is one positive aspect: activity in the spot market. In the past 24 hours alone, BONK tokens worth $2.55 million USD were purchased. Over the past week, the purchase volume even reached $18.63 million USD — the highest level since the end of January. If this trend continues, it could stabilize the price or even lead to a recovery.
Our Assessment
Currently, BONK is under strong selling pressure. Price performance, market sentiment, and liquidity data all point to a continuation of the downward trend. However, the demand zone between $0.00001546 and $0.00001405 USD represents a potential turning point. If sufficient buying interest arises there, BONK could initiate a reversal. Whether this happens will largely depend on continued spot market purchases. You should closely monitor developments in the coming days before making any decisions.
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