Market Overview for Bonk/Tether (BONKUSDT)

• BONKUSDT declined 2.9% in 24 hours with a high of $0.0002572 and low of $0.0002366.
• Momentum weakened as RSI dropped to oversold territory and MACD turned negative.
• Volatility remained elevated with a 24-hour turnover of $4.83 billion and high volume divergence.
• Price found support near $0.0002415 before a potential test of $0.000240.
• A bearish continuation seems likely, with a key resistance at $0.0002532 to watch.

Bonk/Tether (BONKUSDT) opened at $0.0002541 on 2025-09-18 12:00 ET and closed at $0.0002425 on 2025-09-19 12:00 ET, reaching a high of $0.0002572 and a low of $0.0002366. The 24-hour notional turnover was $4.83 billion, with a trading volume of ~147.01 billion BONK.

Price action revealed a bearish shift, with the asset forming a long lower shadow on the final daily candle and a confirmed bearish engulfing pattern near $0.000248–0.000245. Key support levels include $0.0002415 and $0.000240, both of which were recently tested and held, while resistance sits at $0.0002432, $0.000245, and $0.0002532.

The 15-minute chart showed a strong bearish crossover in the MACD, with a negative divergence in the histogram confirming momentum decay. RSI dropped below 30, entering oversold territory, though it may not trigger a reversal without bullish confirmation. On the daily timeframe, the 20-period and 50-period EMAs are bearishly aligned, with the 50EMA at $0.0002445 currently containing the price.

Bollinger Bands reflected moderate volatility, with price sitting near the lower band on 2025-09-19 15:15 ET and expanding from a contraction earlier in the session. Volume showed divergence at higher price levels, indicating a lack of conviction in bullish attempts. Notional turnover spiked during the 15:15–15:45 ET period, reaching $1.47 billion, but failed to push price beyond $0.000243.

Fibonacci retracement levels suggest key psychological levels ahead: 38.2% at $0.000241 and 61.8% at $0.000238. If the current bearish trend continues, a move below $0.000240 could trigger a test of the 78.6% retracement at $0.000234.

The asset appears likely to test key support levels in the next 24 hours, particularly $0.000240, with a break below that suggesting further downside toward $0.000234–0.000238. Traders should remain cautious for divergences in volume or RSI reversal signals, which could stall the bearish momentum.

Backtest Hypothesis
The backtesting strategy described involves a short-term bearish bias triggered by a bearish engulfing pattern, supported by RSI below 30 and MACD bearish crossover. Entry is placed at the close of the engulfing candle, with a stop-loss set above the high of the pattern and a take-profit at the nearest Fibonacci level (38.2–61.8%).

This approach, when tested over the past 24 hours, would have triggered a short signal at $0.000248 on 2025-09-19 04:15 ET, with a stop above $0.000250 and a target at $0.0002415. The signal was valid, as price closed at $0.0002425, achieving ~3.3% return before 15:15 ET.

Given the current alignment of RSI and MACD with bearish price action, a similar strategy could be applied for the next 24 hours, assuming volume remains bullish at higher levels and no strong reversal patterns emerge.