BONK price crash leads to half a million dollars in liquidations

Source Fxstreet
  • BONK price has dropped by more than 26% in the last eight days after rallying 56% in three days.
  • Traders witnessed long contracts worth $562,000 being liquidated on Thursday.
  • Bonk’s fallout will likely continue towards $0.0000100, a monthly low.

BONK price is reinforcing the bearish narrative for the meme coin market after disappointing runs from Dogecoin and Shiba Inu. The lack of growth has already stumped investors, and the ones optimistic about witnessing a recovery are being shot down by the bearish market conditions.

Bearish Bonk causes broad losses

The Solana-based meme coin Bonk has joined the leagues of cryptocurrencies that are failing to produce any profits for investors. Earlier on Wednesday, BONK witnessed a massive correction that led to many traders losing their money as open positions contracted.

Long liquidations in a single day hit $562,000 due to the price decline. As is, the investors have been wary of the meme coin owing to the slow recovery, and with consistent long liquidations, traders might refrain from betting on a recovery.

BONK long liquidations

BONK long liquidations

Long contracts signify that traders are expecting an increase in price, but when these expectations are invalidated over and over, these traders will begin holding back, reducing the bullish sentiment considerably.

BONK price decline could extend

BONK price trading at $0.00001189 is close to losing another support level marked at $0.00001137. In the last eight days, the meme coin has already declined by more than 26%, losing the psychological support level of $0.00001500.

The Relative Strength Index (RSI) is also currently below the neutral line, marked at 50.0 in the bearish neutral zone. This suggests that the decline could extend, and if the $0.00001137 support is lost, a crash to $0.00001000 is likely.

BONK/USD 1-day chart

BONK/USD 1-day chart

However, if the altcoin bounces back from the aforementioned support level, it could see potential recovery. This would be confirmed once the RSI flips the neutral line into a support floor. This would push BONK price beyond $0.00001306, invalidating the bearish thesis.

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
Bitcoin Price Forecast: Tariff volatility sweeps over $200 billion from crypto marketsBitcoin (BTC) price hovers around $83,000 at the time of writing on Thursday after it failed to close above a critical resistance level the previous day.
Author  FXStreet
11 hours ago
Bitcoin (BTC) price hovers around $83,000 at the time of writing on Thursday after it failed to close above a critical resistance level the previous day.
placeholder
EUR/USD rallies as Trump’s reciprocal tariffs hit US Dollar hardEUR/USD soars above the psychological figure of 1.1000 in Thursday’s European session. The major currency pair strengthens as the US Dollar (USD) takes the bullet for long-term transition in the United States (US) economy.
Author  FXStreet
11 hours ago
EUR/USD soars above the psychological figure of 1.1000 in Thursday’s European session. The major currency pair strengthens as the US Dollar (USD) takes the bullet for long-term transition in the United States (US) economy.
placeholder
Tariffs and Non-Farm Data Clash: What's Next for Bitcoin?TradingKey - Trump's tariffs caused Bitcoin to swing wildly. Now, all eyes are on tomorrow's non-farm data.On April 3, Bitcoin (BTC) experienced a rollercoaster ride. It jumped 5% from around $84,400
Author  TradingKey
13 hours ago
TradingKey - Trump's tariffs caused Bitcoin to swing wildly. Now, all eyes are on tomorrow's non-farm data.On April 3, Bitcoin (BTC) experienced a rollercoaster ride. It jumped 5% from around $84,400
placeholder
EUR/USD gathers strength to near 1.0950 after Trump tariff announcementThe EUR/USD pair climbs to around 1.0950 during the early Asian session on Thursday.
Author  FXStreet
15 hours ago
The EUR/USD pair climbs to around 1.0950 during the early Asian session on Thursday.
placeholder
Trump's Reciprocal Tariffs Spark the Trade War of the Century! Global Economy Enters Recession NarrativeTradingKey - On April 2, U.S. President Donald Trump unveiled his reciprocal tariff plan, imposing a 10% "minimum baseline tariff" on all trading partners and higher "reciprocal tariffs" on more than
Author  TradingKey
15 hours ago
TradingKey - On April 2, U.S. President Donald Trump unveiled his reciprocal tariff plan, imposing a 10% "minimum baseline tariff" on all trading partners and higher "reciprocal tariffs" on more than
Related Instrument
goTop
quote