BONK Falls 3% as Memecoin Fails to Reclaim Resistance Level

BONK, the Solana-based meme token, endured heightened volatility successful the past 24 hours, falling 2.9% to $0.00002192. The enactment was defined by a ceiling astatine $0.00002308 that sellers repeatedly defended, portion downside unit built steadily, according to CoinDesk Research's method investigation information model.

Consolidation astir $0.00002262 gave mode to an beforehand toward $0.00002306 successful the aboriginal U.S. day connected Monday, establishing the day’s cardinal absorption point.

The sharpest bearish momentum unfolded during the aboriginal hours of Tuesday, erstwhile BONK slipped from $0.00002285 to $0.00002217 betwixt 01:00 and 05:00 UTC. Volumes surged past 600 cardinal tokens astatine the 03:00 UTC interval, suggesting institutional-scale selling and imaginable retail capitulation.

BONK fell different 2% to $0.00002117 during the U.S. greeting Tuesday with intraday declines accompanied by spikes successful measurement supra 30 cardinal tokens. Brief rebounds, including a betterment effort to $0.00002244 astatine 13:54 UTC, failed to prolong momentum, leaving BONK locked successful a descending transmission pattern.

Despite short-term weakness, longer-term information indicates selective accumulation. Sophisticated investors expanded holdings by implicit 300% successful the past month, adjacent arsenic whale wallets trimmed positions by astir 110 cardinal tokens. This divergence points to strategical positioning amid broader volatility, though method indicators inactive suggest hazard of a retest toward the $0.00002100 intelligence enactment level.

Technical Analysis

• BONK capped astatine $0.00002308, serving arsenic cardinal resistance.
• Sharp diminution from $0.00002285 to $0.00002217 betwixt 01:00-05:00 UTC connected Aug. 19.
• Trading measurement exceeded 600 cardinal tokens during highest selling enactment astatine 03:00 UTC.
• Repeated failures to reclaim $0.00002250 confirmed persistent selling pressure.
• Decline of 2% from $0.00002251 to $0.00002117 highlighted continued weakness.
• Brief betterment to $0.00002244 astatine 13:54 UTC reversed quickly, reinforcing descending transmission trend.

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