BONK Plunges 6%—Will Key Support Hold Amid Market Jitters?
Memecoin's make-or-break moment arrives as bears take control.
BONK—the Solana-based dogcoin that had traders barking earlier this year—just got mauled by a 6% selloff. The drop tests critical support levels last seen during July's liquidity crunch.
Blood in the water or buying opportunity?
Technical traders are glued to charts as BONK flirts with its 200-day moving average. A breakdown here could trigger stop-loss cascades—just what degenerate gamblers (sorry, "investors") need after this week's futures liquidations.
Meanwhile, Bitcoin maximalists are howling with laughter. Again.
Technical Analysis
- Trading Range: $0.00002398–$0.00002674, a 10% spread over 24 hours.
- Resistance: Multiple rejections near $0.000027 on August 11 with high volume.
- Support: Strong base near $0.000024 on August 12 with 889B tokens traded.
- Volume Spike: 145B tokens during breakout from consolidation at 12:30 UTC.
- Recovery Move: 3% gain from $0.000024 to $0.000025 between 11:49–12:48 UTC.
- Breakout Trigger: Price cleared $0.000025 resistance at 12:22 UTC.
- Market Context: Bounce follows several days of heightened volatility in memecoins.
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