- Bonk has been trading on a bearish sentiment over the past 24 hours.
- Bonk’s price has declined by 52% and its price has fallen to $0.000001961.
- Bulls have take over the market, hence the current bearish trend could be over.
As the price trend has been heading lower for the past day, the bears are currently in control of BONK’s market. Due to the drop in demand, Bonk’s price fell by 52.14% to $0.000001961. Due to this, BONK has had a significant drop during the last 24 hours, while ranking among the top cryptocurrencies.
Following this bearish outburst, the market capitalization and 24-hour trading volume decreased. The market cap dropped by 0.1% to $107,039,465 while the 24-hour trading volume dropped by 47.30% to $93,945,921.
Since the cryptocurrency market has recently seen turmoil, it is challenging to predict what the future may bring for the value of BONK. Many observers predicted that BONK will eventually fall because it has recently demonstrated that it is in a decline.
Today Bonk is on the opposite trend from yesterday’s bullish sentiment. The bears have taken full control of BONK’s market intending to reverse its bullish move.
At the time of publication, BONK had an intraday low of $0.00000198 and a price of $0.00000201. Although the price of BONK is currently significantly lower than it was yesterday, the currency is anticipated to rise in value unless the bearish condition persists.
According to its most recent position, the BONK price runs the risk of creating a new price bottom during the current bear cycle. The negative flags that two daily technical indicators have displayed are proof of this. The rising proportion of price decline is the first technical sign of bearishness. The second flag is the state of bearish reversal that has increased the selling pressure.
To reverse this current downward trend the bulls must come in and challenge the strong bears so that the prices may not go past the support levels. If the bulls win in the struggle it may take the trend back to its bullish ways because BONK is a new coin with so much potential.
On the four-hour chart, the bulls have gained momentum so as to reverse the current bearish sentiment. This gives investors some hope that BONK may go up once again regardless of today’s fall.
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