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BONK on the Brink: Will It Crash to $0.000009 or Skyrocket Past Resistance?

BONK on the Brink: Will It Crash to $0.000009 or Skyrocket Past Resistance?

CryptoFrontNewsCryptoFrontNews2025/03/02 16:00
By:Jordan Blake

BONK has exited its long-standing ascending channel, signaling a shift towards a bearish market structure. BONK maintains a confined trading pattern between $0.00001314 and $0.00001373 while waiting for a price breakdown from its current boundaries. BONK reached its highest trading volume of $1 billion during late November but experienced a major decline down to $50M because traders left the market.

  • BONK has exited its long-standing ascending channel, signaling a shift towards a bearish market structure.
  • BONK maintains a confined trading pattern between $0.00001314 and $0.00001373 while waiting for a price breakdown from its current boundaries.
  • BONK reached its highest trading volume of $1 billion during late November but experienced a major decline down to $50M because traders left the market.

Bonk ($BONK) analysis against USD highlights a significant shift in market structure following a breakdown from a well-defined parallel channel. Throughout most of 2024, $BONK moved within this ascending channel, using its trend lines as dynamic support and resistance. According to analyst Ali, BONK is closing in on the $0.000009 target after breaking out of a parallel channel.

$BONK is closing in on the $0.000009 target after breaking out of a parallel channel! pic.twitter.com/ND2xkbPBPZ

— Ali (@ali_charts) March 2, 2025

BONK’s Key Support and Resistance Levels

The cryptocurrency is currently trading at $0.000013495, reflecting a 1.3% gain, but this minor recovery does not change the broader downward momentum.The support level is observed near $0.00001314, where buying interest has kept the price from falling further. On the upside, $0.00001373 acts as the resistance level, where selling pressure has capped further gains. 

BONK on the Brink: Will It Crash to $0.000009 or Skyrocket Past Resistance? image 0 BONK on the Brink: Will It Crash to $0.000009 or Skyrocket Past Resistance? image 1 Source: CoinmarketCap

Currently the market remains in a holding pattern because traders are waiting for prices to break out from their constrained trading range. If bullish sentiment strengthens and volume increases, BONK could breach resistance and move towards $0.00001400 – $0.00001420. Conversely, if selling pressure intensifies, the price could dip to test the $0.00001310 – $0.00001300 support zone.

BONK’s Trading Volume and Price Trends: From Surge to Decline

Data from Coinglass show that BONK traded at low volumes throughout a span from late July to early October as it remained within the $100M to $300M range without substantial price variability. Trading volume reached a significant peak during late October at the same time that prices exhibited a major upward change. The daily trading volume of BONK reached near $1 billion on November 24 while prices demonstrated a major upward trend at that time.

BONK on the Brink: Will It Crash to $0.000009 or Skyrocket Past Resistance? image 2 BONK on the Brink: Will It Crash to $0.000009 or Skyrocket Past Resistance? image 3 Source: Coinglass

Throughout December and January, BONK saw periodic volume spikes, though they were significantly lower than the late-November peak. The market’s successive price highs were progressively declining which indicated weakening bullish price action. The trading activity along with market interest decreased between mid-February as both volume and price declined toward $50M. Reduced trading activity appears likely when volume levels stay low since it indicates limited market participation.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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