BONK drops 18% as memecoins slide – Is another leg down coming?

ambcryptoОпубліковано о 2026-02-02Востаннє оновлено о 2026-02-02

Анотація

BONK, a leading memecoin, experienced a significant downturn, dropping 18.77% amid a broader memecoin sector decline of over 15%. Despite a promising bullish breakout in early January, where it breached a key resistance level and rallied, the momentum faltered. The broader bearish pressure, partly due to Bitcoin's inability to sustain higher prices, contributed to the sell-off. Key support around $0.0000074 was swept, and a short-term bounce toward $0.0000090–$0.0000095 is possible. However, traders are advised to view any rebound as a selling opportunity, anticipating further declines toward $0.0000060 or lower. A bearish reversal is expected in early February.

BONK saw a bullish structure shift in the first week of January. This breakout appeared highly promising, but has faltered massively since then.

The popular memecoin ranks 6th in the sector, sorted by market capitalization.

CoinMarketCap data revealed that the memecoin sector has been hit hard by the past week’s losses. The sector is down 15.47% collectively, and BONK was down 18.77%.

For comparison, the leading meme, Dogecoin [DOGE], has shed 14.5%.

BONK rally only a blip in a longer-term downtrend

As covered earlier, the bullish structure break in early January came when the downtrend’s swing point at $0.0000103 was breached. Subsequently, Bonk [BONK] rallied to $0.0000134 but fell back over the rest of the month.

Bitcoin’s [BTC] inability to stay above $94.5k over the past two weeks highlighted bearish pressure in the market, and BONK faced sizeable selling pressure. As a result, the OBV fell below December’s low, keeping the OBV’s downtrend since August ongoing.

The path ahead for BONK

The cluster of liquidations around $0.0000074 has been swept. To the north, the next interesting magnetic zones were at $0.0000090 and $0.0000095.

The memecoin may see a price bounce to this liquidity pocket.

However, as things stand, it is unlikely the bounce would extend that high.

Traders’ call to action – Expect a short-term bounce and a reversal

The 1-hour price chart presented a bearish setup for traders. Based on the most recent impulse move on this timeframe, the $0.00000755-$0.00000785 levels were key Fibonacci retracement levels.

BONK would likely bounce to test these resistance levels before continuing its bearish move.

Traders can use this bounce to sell. The downward move would target the $0.0000064 local low, and could slide further to $0.0000060 and $0.0000053.

Final Thoughts

The Bonk breakout in early January was promising, but it did not go as the bulls expected it to.
A short-term price bounce followed by a bearish reversal is expected in the first week of February.

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

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Пов'язані питання

QWhat was the overall performance of the memecoin sector in the past week according to CoinMarketCap data?

AThe memecoin sector was down 15.47% collectively over the past week.

QWhat key level did Bitcoin's (BTC) inability to hold above contribute to bearish pressure on BONK?

ABitcoin's inability to stay above $94.5k over the past two weeks highlighted bearish pressure in the market, which contributed to selling pressure on BONK.

QAccording to the analysis, what is the expected short-term price action for BONK in the first week of February?

AA short-term price bounce followed by a bearish reversal is expected in the first week of February.

QWhat are the two key Fibonacci retracement resistance levels identified on the 1-hour chart for BONK's potential bounce?

AThe two key Fibonacci retracement resistance levels are $0.00000755 and $0.00000785.

QWhat was the significance of the price level at $0.0000103 for BONK's trend in early January?

AThe price level at $0.0000103 was the downtrend's swing point. Breaching this level in early January signaled a bullish structure shift.

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BONK drops 18% as memecoins slide – Is another leg down coming?

Анотація

BONK rally only a blip in a longer-term downtrend

The path ahead for BONK

Traders’ call to action – Expect a short-term bounce and a reversal

Final Thoughts

Трендові криптовалюти

Пов'язані питання

Пов'язані матеріали

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Will the Fed Definitely Raise Interest Rates in September? How Will Crypto and U.S. Stocks Withstand the Pressure?

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