Bonk Faces Bearish Pressure Below 200-Day Moving Average
Bonk (BONK) is struggling to break above it’s 200-day moving average, a key resistance level. This indicates ongoing weakness and the possibility of further price drops.
The 200-day moving average now aligns with the daily point of control, creating a strong barrier. Until Bonk can close above this level with strong volume,the bearish trend is likely to continue.
Key technical points for Bonk:
- Major Resistance: 200-day moving average and daily point of control.
- Major Support: Value area low and high-time-frame support.
- Market Structure: Trading below the 200-day moving average confirms bearish control.
Historically, such resistance zones cause price action to stall or reverse. Bonk has tried to reclaim this level but failed to maintain a daily close above it. This suggests persistent bearish pressure.
The next area of interest is the value area low,which acts as a support level. If the price continues to fall, it may reach this area. A retest here could lead to a consolidation phase.
For a bullish reversal, bonk must close above the 200-day moving average. This would signal a shift in market structure and open the door for an upward move.
Provided that Bonk stays below the 200-day moving average, the risk of a deeper decline remains high.A prolonged consolidation may occur before any new rally develops. Conversely, a strong close above this level would confirm bullish intent.
