The BONK price is stuck within a strong bearish trend since May, which has dragged the memecoin by nearly 70%. Meanwhile, the recent 8% drop has dragged the price below a crucial support level. The memecoin extended losses after the South Korean exchange announced its plans to delist the token. The announcement triggered a wave of selling across the market, strengthening the prevailing bearish trend. As traders assess the impact of the delisting, the focus is now on whether the BONK price stabilises above its long-term support or if another leg lower is imminent.
Upbit Delisting Sparks Fresh Selling Pressure
BONK came under renewed selling pressure after Upbit, one of South Korea’s largest cryptocurrency exchanges, announced plans to delist the Solana-based memecoin. The exchange cited concerns related to recent security incidents and disclosure requirements, prompting traders to reassess the token’s near-term outlook.
The announcement triggered an immediate spike in selling activity, with BONK extending its losses as investors rushed to reduce exposure. The delisting also raised liquidity concerns, as the removal of trading support from a major exchange could weigh on market participation and limit demand from South Korean investors.
BONK Price Analysis: Bears Tighten Their Grip
BONK remains firmly within a broader downtrend after failing to sustain July’s recovery attempt. The rejection near the descending trendline reinforced bearish momentum, allowing sellers to regain control and push the token back toward its yearly lows. Price is now trading below the 1.0 Fibonacci extension near $0.00000273, indicating that buyers have lost an important support level.
Unless BONK quickly reclaims this zone, the breakdown could encourage another wave of selling toward lower support levels.
From a volume perspective, Cumulative Volume Delta (CVD) has turned sharply negative, indicating that aggressive sell orders continue to outweigh buying interest. The sustained negative order flow suggests that market participants are still exiting positions rather than accumulating during the decline. Meanwhile, Open Interest has declined to nearly 2 million contracts, reflecting a reduction in leveraged exposure. The simultaneous decline in price and Open Interest typically indicates long liquidation and position unwinding, rather than fresh short positions entering the market.
Key Levels to Monitor
Resistance
- $0.00000273 – Immediate resistance and previous support that BONK must reclaim to stabilize sentiment.
- $0.00000400–$0.00000420 – Next major resistance area within the descending channel.
- $0.00000553 – 50% Fibonacci retracement and a critical level that could determine whether a broader recovery is underway.
Support
- $0.00000202 – First major support near the lower boundary of the descending channel.
- $0.00000121 – 1.272 Fibonacci extension and the next downside target if selling pressure intensifies.
BONK Price Prediction: Can Bulls Regain Control After the Upbit Delisting?
BONK’s recent decline underscores how quickly negative developments can reshape market sentiment in the memecoin sector. While the Upbit delisting announcement has intensified selling pressure and weakened investor confidence, the token is also approaching a technically significant support zone that could determine its next directional move.
If buyers manage to defend the $0.00000202 support and reclaim the $0.00000273 Fibonacci level, BONK could stage a relief rally toward the $0.00000380–$0.00000400 resistance region. A sustained breakout above the descending trendline would mark the first meaningful shift in market structure since May and could pave the way for an extended recovery toward $0.00000550 over the medium term.
However, if selling pressure persists and BONK fails to hold above $0.00000202, the current downtrend is likely to extend toward the $0.00000121 Fibonacci extension. A move below this level would signal continued capitulation and leave the memecoin vulnerable to fresh multi-month lows unless broader market sentiment improves.
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