Recently, the Bonk coin market has shown a weak performance, but there is still hope. From the daily chart, Bonk coin is exhibiting a downtrend, having reached a new low point in August, with bearish sentiment remaining strong in the short term. The momentum indicators continue to hover below the zero line, further confirming the bearish-dominated market landscape.

However, from a longer time frame perspective, since May, Bonk has been consolidating within a potential upward breakout range. It is noteworthy that the price level of $0.0000225 was an important resistance level in July and may turn into a key support level in the future.

From a technical analysis perspective, the Fibonacci retracement level of 61.8% is located around $0.000226, coinciding perfectly with the 100-day moving average. This area forms a strong long-term support that should not be overlooked.

However, the market is currently facing some challenges. Recently, the trading volume of Bonk Coin has shown a downward trend, and the Accumulation/Distribution (A/D) indicator also shows signs of weakness. This means that if Bonk Coin wants to reverse the current downturn and regain upward momentum, a significant increase in trading volume is needed to support it.

Overall, although Bonk coin is facing downward pressure in the short term, the presence of key support levels provides a certain safety cushion. Investors should closely monitor the performance of these key price levels while also paying attention to changes in trading volume, which may be an important indicator of future price trends.