bonk

BONK moved up a little in the last day with a rise of a little more than five percent. But the daily trading volume went down almost ten percent. This shows that the small rise may not have strong support. Part of the move came after news from a Solana launchpad that said more fees would be used to buy back BONK. The buyback share went from ten percent to more than half. This gave some short term hope to buyers but it did not change the bigger trend.

The weekly chart shows that BONK is still in a strong downtrend. There is a long support level near zero point multiple zeros nine six that goes back to early twenty twenty four. BONK fell under this level two weeks ago. Now the same level is being tested from below. When a price breaks under a strong support and then fails to move back up it often means the downtrend is still strong.

The RSI on the weekly chart sits near thirty six. This is a low reading and shows that sellers still have control. The OBV also moves down. This means trading volume follows the price drop and shows weak buyer interest. At this point buyers must show real strength but they have not done so yet.

On the four hour chart things look a little better. BONK has been moving in a tight range for about three weeks. The range is between zero point multiple zeros eight four six at the low and zero point multiple zeros one zero five at the high. This range has stopped the heavy drop for now. The OBV on this small chart is slowly moving up and the RSI moves between weak and strong moods. This shows some buying interest. But this small time frame hope does not change the bigger weekly trend.

The fall under the long support near zero point multiple zeros nine six was a hard hit for the bulls. It sits near the round level of zero point multiple zeros one. Many traders watch round levels and losing them hurts mood. For a real move up BONK must break out of the tight range and then hold the top of that range as support. If that happens the next target could be near zero point multiple zeros one three five. But this is still unlikely unless broader market mood turns strong.

The more likely case is that BONK will fail near the top of the range. Range trading means traders buy near the low and sell near the high. When price hits the high zone many people take profit. So the top of the range near zero point multiple zeros one zero five can act like a selling point. Unless BONK breaks this level with high volume the downtrend will stay.

Traders should wait for a clean breakout before guessing the next move. If a breakout happens they must also check the wider market mood. If large coins like Bitcoin turn strong then BONK may get support. Until then the better way is to trade inside the range. Buy near the low and sell near the high. Wait for a real breakout before trusting any bigger move
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