BONK Tumbles as Meme Token Breaks Support, Tests Key Lows

Core Insights - Bonk (BONK) experienced a significant decline of 11% to $0.00001232, indicating a bearish shift after falling through critical support levels [1] - The trading range for BONK over the last 24 hours was between $0.00001252 and $0.00001434, showcasing an 8.5% intraday volatility [2] - Heavy selling pressure was noted around 03:00 GMT, with trading volume surging to 964.3 billion tokens, a 46% increase from the daily average [2] Technical Analysis - BONK's price action shows a pattern of lower highs and a narrowing range, suggesting an ongoing distribution phase [4] - The current support floor is at $0.0000129, and maintaining this level is crucial to avoid a deeper price decline [4] - A decisive move above the resistance level of $0.0000137 is necessary to reestablish a bullish trend [4] Market Behavior - After a brief recovery of 5.3% to $0.00001309, the momentum faded quickly, indicating persistent caution among traders [3] - Short-term accumulation near $0.0000131 suggests that traders are testing support levels, but the lack of follow-through highlights a cautious market sentiment [3]