Bonk, Pudgy Penguins, Ethena Test Key Fibonacci Levels After 24-Hour Drops of 11.48%, 8.46%, and 14.56%

A recent downturn in several high-profile altcoins has intensified investor scrutiny on Fibonacci retracement levels as key price benchmarks. Bonk (BONK), Pudgy Penguins (PENGU), and Ethena (ENA) are currently testing critical support zones following sharp corrections in the past 24 hours, with analysts highlighting potential confluence areas between technical indicators and retracement levels [1]. These developments underscore the heightened volatility in the altcoin market, driven by shifting risk appetites and speculative trading activity.

Bonk (BONK) has experienced a 11.48% decline in the last 24 hours, pushing its price to $0.00003007 and breaching the 0.236 Fibonacci level at $0.00003388 [1]. Short-term support now rests near $0.00003146, but further bearish momentum could drive the token toward the 0.382 retracement level at $0.00002959. A breakdown from this level would expose the 0.5 Fibonacci target of $0.00002612, which coincides with the 200 EMA, forming a confluence zone for potential reversal [1]. Should this area fail, the next significant support lies at $0.00002265 (0.618 Fib), representing a 15.78% loss from its 7-day peak. Analysts note that volume spikes have primarily reflected selling pressure, suggesting a lack of immediate buyer interest to reclaim the $0.00003388 resistance level [1].

Pudgy Penguins (PENGU) has similarly faced rejection at the $0.047 resistance, triggering an 8.46% drop in the past 24 hours to trade at $0.03784 [1]. The token is currently testing the 0.236 Fibonacci level at $0.0376, with a breakdown opening the path to $0.0317 (0.382 Fib) and $0.0271 (0.5 Fib). Weakening bullish volume over the past week further signals waning momentum, though a rebound above $0.0376 could see price retesting the $0.047 level [1]. Key long-term supports remain at $0.0225 and $0.0160, though analysts caution that sustained bearish activity could extend the correction toward these levels.

Ethena (ENA) is consolidating after a 14.56% intraday pullback, trading at $0.5727 despite maintaining a 12.86% gain over the past week [1]. The token is currently testing the 0.236 Fibonacci zone at $0.5867, with failure to hold this level potentially sending the price toward $0.5170 (0.382 Fib) and $0.4608 (0.5 Fib). A critical confluence forms at the 0.618 level ($0.4045), which aligns with the 200 EMA, offering a potential reversal point if buyers re-enter the market [1]. A break below this level could extend losses toward $0.3244, though current volume patterns suggest a period of consolidation rather than an outright breakdown.

Analysts from Altcoin Sherpa emphasize that these retracement levels represent strategic entry points for traders, particularly if volume indicators suggest renewed buying interest [1]. However, the absence of strong bullish momentum across all three tokens raises concerns about the depth of the ongoing correction. Investors are now closely monitoring these levels for signs of either a sustained bearish trend or a short-term rebound.

Source: [1] BONK, PENGU, ENA: Price Dips Sharpen Focus on Fibonacci Retracement Targets, [https://coinedition.com/bonk-pengu-ena-price-dips-sharpen-focus-on-fibonacci-retracement-targets/].