The altcoin market is under pressure as Bonk, Pudgy Penguins, and Ethena face sharp declines, testing key Fibonacci levels. Will these tokens rebound or continue their downward trend? Let’s dive into the critical support zones and trading opportunities.
Bonk Tests Key Fibonacci Levels After 11.48% Drop
Bonk (BONK) has dropped 11.48% in 24 hours, breaching the 0.236 Fibonacci level at $0.00003388. Key support levels to watch:
- 0.382 Fib ($0.00002959): Next critical support.
- 0.5 Fib ($0.00002612): Confluence with 200 EMA.
- 0.618 Fib ($0.00002265): Potential reversal zone.
Volume spikes indicate selling pressure, with buyers hesitant to reclaim resistance.
Pudgy Penguins Faces 8.46% Decline: Will Support Hold?
Pudgy Penguins (PENGU) dropped 8.46%, testing the 0.236 Fib at $0.0376. Key levels:
- 0.382 Fib ($0.0317): Next downside target.
- 0.5 Fib ($0.0271): Mid-term support.
- Long-term supports: $0.0225 and $0.0160.
Bullish volume is weakening, signaling potential further declines.
Ethena’s 14.56% Drop: Fibonacci Confluence in Focus
Ethena (ENA) fell 14.56%, testing the 0.236 Fib at $0.5867. Critical zones:
- 0.382 Fib ($0.5170): Next support.
- 0.5 Fib ($0.4608): Mid-range floor.
- 0.618 Fib ($0.4045): Confluence with 200 EMA.
Volume patterns suggest consolidation, but a breakdown could extend losses.
Altcoin Market Volatility: What’s Next?
The altcoin market remains highly volatile, with Bonk, Pudgy Penguins, and Ethena reflecting broader risk-off sentiment. Traders are eyeing Fibonacci levels for potential entries, but caution is advised.
FAQs
What are Fibonacci retracement levels?
Fibonacci retracement levels are horizontal lines indicating potential support/resistance levels based on prior price movements.
Why are Bonk, Pudgy Penguins, and Ethena dropping?
The declines are driven by profit-taking, shifting risk appetite, and broader market corrections.
Can these tokens rebound?
Rebounds depend on holding key Fibonacci levels and renewed buying interest.
What’s the best strategy for traders?
Monitor Fibonacci levels and volume trends for potential entry or exit points.
