Will Bonk (BONK) dominate the Memecoin market this month?

Is it time to add Memecoin to your portfolio?

As the volatility of the crypto market increases, whether memecoin is worthy of entering the portfolio has attracted attention. As a popular meme coin, Bonk (BONK) has recently experienced price fluctuations, and its future trend is worth discussing.

Bonk price fluctuation analysis

In the past 24 hours, the price of Bonk has risen by 4.28% and the trading volume has reached 116.99 million US dollars, but from the weekly and monthly lines, it has fallen by 13.36% and 8.36% respectively. From a technical analysis, the MACD of the 1-day line shows a negative trend, and the number of red bars is gradually increasing, suggesting that there is downward pressure in the future trend.

The "death cross" of the EMA 50 and the 200-day moving average appears on the daily chart of BONK, which may indicate the risk of continued price decline this week.

Price outlook for this month: Will it retest $0.000025?

If the market turns in favor of the bulls, the price of Bonk may first retest the $0.00002125 resistance level and then hit the overhead resistance at $0.0000250. However, if the bears continue to gain the upper hand, the price may sink to the support at $0.0000150 and may even touch the yearly low at $0.000010 mark.