BONK Plunges 6% – Will Key Support Hold or Fold?
Memecoin's make-or-break moment arrives as bears test critical price floor.
BONK bulls sweating bullets after a 6% nosedive brings the token to a decisive inflection point. The so-called 'people's coin' now flirts with a support level that could either trigger a rebound or accelerate the freefall.
Technical traders are glued to charts while retail investors perform their usual ritual of panic-selling at the worst possible time. Meanwhile, Wall Street 'experts' suddenly remember crypto is volatile – just as their quarterly bonuses get approved.
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.
Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.
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