BONK price falls below key support level: Risk of a further 23% drop?

BONK ( has joined the group of coins that have fallen sharply in the past month. According to data from CoinMarketCap, this asset is leading the market with a decline of 34%.

Analysis shows that the fall may go deeper in the upcoming trading sessions after BONK broke through a key support level. Liquidity indicators also warn of the risk of continued losses in the coming days.

Key support broken – What will happen to BONK?

After many weeks of strong growth, BONK is now facing the risk of erasing most of its profits as it breaks through a key support level.

The price sliding below $0.00002393 is expected to trigger a deeper fall, targeting the nearest support zone at $0.00001835.

!)[bonk]https://img-cdn.gateio.im/webp-social/moments-de4f31bb73259f4480b8e1cedab84f9c.webp(Source: TradingViewIf the next support level does not hold, BONK may continue its downtrend, leading to increased losses for investors in the coming weeks.

Although there is still a possibility of a recovery, analysis indicates that a deeper fall scenario in the coming days cannot be ruled out.

Risk Warning Indicators for Greater Losses

Technical indicators suggest that the fall may be more severe, as both the )MFI( and the )RSI( are signaling weakness.

At the time of writing, the MFI recorded a level of 50.97, reflecting a continuous outflow of liquidity. If this index falls below the neutral threshold of 50, the downward trend may accelerate, increasing the losses of BONK.

!)[bonk]https://img-cdn.gateio.im/webp-social/moments-6785700b469966f5a3b1c5d2a79bee22.webp(Source: TradingViewThe relative strength index )RSI( has also weakened, falling below the neutral zone and recording a level of 39.61. A low RSI indicates that upward momentum is fading and confirms that selling pressure is currently overshadowing buying pressure, adding further pressure on prices.

Off-chain data shows that investor activity remains polarized, with a parallel existence between the bears and the bulls.

Market liquidity continues to weaken

Liquidity in the market continues to fall. At the time of writing, the outflow of funds is trending upwards. The funding rate indicator according to OI shows that although the number of Long positions is still greater than Short, this index is trending downwards as Short positions increase.

!)[bonk]https://img-cdn.gateio.im/webp-social/moments-b826d8e4b66a09a0e33270bb15957a38.webp(Source: CoinGlassIf this index falls into negative territory, the fall of BONK could become more severe in the coming weeks. However, the net flow data through the spot market from CoinGlass has recorded some buying activity. Over the past three days, the inflow of capital has increased, with 2.55 million dollars worth of BONK purchased in the last 24 hours.

The continuous accumulation by spot investors will contribute to strengthening the recovery trend or at least reducing the risk of a sharp decline due to significant sell-off pressure.

Minh Anh