BONK Loses the 78.6% Retracement Level – Will It Fall to Late February Lows?

BONK has fallen by 13% over the last seven days, with the altcoin suffering alongside the rest of the memecoin market.

BONK price analysis reveals a downtrend with a 13% loss last week.

The 78.6% Fibonacci retracement level was lost again, hinting at a bearish trend.

Despite the bearish outlook, liquidation levels indicate a possibility of a short-term price bounce.

BONK price analysis: Key technical levels and downtrend analysis

The analysis of BONK prices over the last seven days reveals a downtrend, continuing the السلبي trend observed since mid-April. Prices initially began the week at around $0.000021 and closed on 5 August at $0.000019, reflecting a 9.5% decrease.

However, a further glance at the price chart reveals a steeper downtrend, with prices on 15 August morning dropping to lows of $0.000014 before recovering slightly to trade at $0.0000145 by afternoon. This price movement marks a 13% loss in seven days.

The downtrend is further highlighted by the 20-day moving average (MA) crossing below the 50-day MA last week, indicating a downtrend in progress. The 20-day MA is also seen sloping downwards, indicating downward momentum.

Technische analyse: Fibonacci retracement levels and moving averages

Technical analysis of BONK prices shows a downtrend, which is also supported by the Fibonacci retracement levels. A set of Fibonacci retracement levels (yellow) were plotted based on the rally in February and March, considering a common Fib levels منطقة اهتمام.

The 78.6% Fibonacci retracement level at $0.0000188 was breached in April, but BONK recovered a week later. However, the same level gave way once more before the selling pressure on 5 August, and again on 15 August. Bulls will be hoping for a repeat of history.

Moreover, the A/D indicator is also seen sloping downwards, indicating a downtrend in accumulation/distribution, which reduces the chances of a quick recovery in prices.

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