Will BONK retrace 100% of its gains?

January 2, 2024

By Akashnath S

• BONK bulls could muster only a weak bounce from a key zone of support on the price chart.

• If the bearish pressure continues, BONK will retrace 100% of its rally from two weeks ago.

Bonk [BONK] saw a massive upward move in the middle of December. From the 13th to the 15th of December, the buyers of the meme coin went on a rampage and pumped prices by 256% at the peak. However, the sellers seem to have the upper hand now.

Even so, BONK has been one of the most popular meme coins of the year. It remains to be seen if the bulls can defend the support zone that the price is within at press time. A move past $0.0000168 would be the first sign of a buyer revival.

The Fibonacci retracement levels have been breached

Source: BONK/USDT on TradingView

The rally from $0.0000092 to $0.000035 in mid-December was used to plot a set of Fibonacci retracement levels (pale yellow).

The 78.6% level at $0.0000147 was expected to act as a support, with the bullish breaker block just below it as an added confluence.

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