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BONK eyeing key short-term support, but will a 25% price hike follow?
As of late, the market has been witness to a series of interesting developments in the cryptosphere. Among these is the performance of Bonk (BONK), which has seen its value fluctuate over recent weeks. Despite the uncertainty that surrounds the asset’s trajectory, one thing remains clear: BONK is eying key short-term support.
In order to accurately assess this situation, it is essential to consider the price action of BONK in the past. It becomes apparent when analyzing the data that a descending channel has been present within the market for a considerable amount of time. This phenomenon highlights the bearish trend currently dominating the cryptocurrency’s movement.
It is likely that any bounce from the $0.0000099-level would be short-lived, as the prevailing downtrend continues to exert its influence on BONK’s value. In light of this, it seems unlikely that a 25% price hike will transpire in the near future.
However, traders must remain vigilant and continue to monitor the market closely for any signs of a trend reversal.
Source: https://ambcrypto.com/bonk-eyeing-key-short-term-support-but-will-a-25-price-hike-follow/
