What to know:
- BONK price remains bearish after a 96% drop from its all-time high, with lower highs and lows on the weekly chart.
- Analysts see $0.00000249, $0.00000150, and $0.00000110 as downside targets, with support near $0.00000058.
- The BonkDAO treasury attack appears isolated from BONK’s wider ecosystem, with investigations ongoing.
BONK remains under bearish pressure as its long-term structure continues weakening, while the recent BonkDAO treasury attack appears isolated from the wider ecosystem. Despite the setback, strong activity across BONK products and sustained community participation suggest the ecosystem remains resilient amid challenging market conditions.
At the time of writing, BONK is trading at $0.000002490 with a 24-hour trading volume of $102.07 million and a market capitalization of $219.09 million. Following the 10.98% loss over the last 24 hours, the BONK price structure points to further losses, but on-chain activity points to network growth.
Source: CoinMarketCap
Also Read: BONK Price Analysis: Symmetrical Triangle Hints at Major Move to $0.00000035?
BONK Price Breakdown Points to Further Losses
According to the crypto analyst Crypto Patel, BONK remains under significant bearish pressure after its explosive 34,300% rally from October 2023 to November 2024.
The memecoin has since fallen roughly 96% from its all-time high, while weekly price action continues producing lower highs and lower lows. A break below $0.0000052 has reinforced resistance and weakened bullish momentum.
Source: Crypto Patel’s X Post
While the bearish case scenario sees prices decline further to $0.000002493, then to $0.00000150, and subsequently $0.00000110, analysts expect BONK to have an additional decline of 50% to 80% in order to hit its bottom.
However, a bullish close on the weekly chart above $0.0000052 will reverse the entire bearish structure, suggesting that bulls are getting hold of the momentum.
BONK Holds Strong After BonkDAO Treasury Attack
The data from BONK further highlighted that the recent attack on the BonkDAO project has focused on the community-controlled treasury and not on the operations of BONK itself or its other products or funds.
There are two distinct projects here: BONK and BonkDAO. The community-controlled treasury has been funded by BONK, but now it has been transferred into the hands of the community.
Despite the incident, the wider BONK ecosystem remains highly active. The volume of BONKTrade transactions exceeded $425 million in June, while that of BONKPLAY reached $1.2 million within just three days of its launch.
BONKbot is handling around $1 million in daily volume, and BONK.FUN has exceeded $17 million in July. Additionally, BONK has exceeded one million wallet owners.
What Happens Next for BONK?
The next move for BONK will likely be dependent on how well buyers are able to defend the existing support level.
If BONK breaks below the existing support levels, then the crypto is expected to fall down to the target prices of $0.00000150, while rising above the resistance level of $0.0000052 will ease pressure on bears.
Also Read: BONK Price Prediction: Triangle Pattern Hints at Major Breakout Ahead
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
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