Market Overview: Bonk/Tether (BONKUSDT) — 24-Hour Movement and Key Indicators

• Price declined from $0.0000235 to $0.0000227 amid mixed momentum
• RSI suggests overbought conditions briefly, followed by bearish divergence
• Volatility remained elevated during price pullback, with Bollinger Bands widening
• Volume surged during the decline, confirming bearish pressure

Bonk/Tether (BONKUSDT) opened at $0.00002346 on 2025-09-20 at 16:00 ET and closed at $0.0000228 on 2025-09-21 at 12:00 ET, reaching a high of $0.00002357 and a low of $0.00002269 over the 24-hour period. Total volume reached 113.9 billion, while notional turnover stood at approximately $2.6 billion, reflecting high liquidity and trading intensity.

Structure & Formations

Price action over the last 24 hours shows a bearish trend, characterized by a series of lower highs and lower lows. Key support levels appear to be forming around the $0.00002269–$0.00002270 zone, with a potential resistance near $0.00002357 based on the recent high. A notable bearish engulfing pattern appears at $0.00002328, confirming a shift in momentum. A doji formed around $0.00002301, suggesting indecision among traders.

Moving Averages

On the 15-minute chart, price closed below both the 20-period and 50-period moving averages, reinforcing the bearish bias. For the daily chart, the 50-period MA appears to be pressing down on price, with the 200-period MA acting as a key long-term support level. This confluence of shorter and longer-term averages could signal a continuation of the downtrend in the near term.

MACD & RSI

The MACD line turned negative during the majority of the session, with the histogram displaying bearish momentum. The RSI reached overbought territory briefly, but failed to sustain above 70, followed by a bearish divergence. This suggests that despite some short-lived strength, the market lacks conviction in the bullish direction. A retest of the 50-level appears probable in the near term.

Bollinger Bands

Volatility expanded significantly during the price decline, with the Bollinger Bands widening. Price settled in the lower half of the bands, close to the lower channel, indicating bearish pressure and a possible continuation of the downward trend. This setup aligns with the bearish momentum observed on other indicators.

Volume & Turnover

Volume surged during the price decline, particularly in the 18:00–00:00 ET window, with the highest turnover occurring around 18:00 ET. The volume spike confirmed the bearish movement, indicating institutional selling pressure. However, volume has since moderated, suggesting a potential pause in the downtrend. The price-to-volume correlation remains strong, supporting the bearish case.

Fibonacci Retracements

Applying Fibonacci to the recent 15-minute swing from $0.00002357 to $0.00002269, key levels to watch include 38.2% at $0.00002320 and 61.8% at $0.00002289. The price has already tested the 61.8% level, and a failure to hold this level could trigger a deeper correction. Daily Fibonacci levels also point to possible support near $0.00002269 and resistance near $0.00002357.

Backtest Hypothesis

Given the observed bearish momentum, key support levels, and volume confirmation, a backtesting strategy could involve a short-entry setup when price breaks below the 61.8% Fibonacci level and closes below the 50-period moving average on the 15-minute chart. A stop-loss could be placed above the recent high at $0.00002357, with a target aligned with the next Fibonacci support or key psychological round level. This strategy would benefit from high volume confirmation and bearish divergence in RSI.