- BONK risks deeper correction as it nears confluence zone around 0.5 Fib and 200 EMA
- PENGU eyes $0.0317 support after rejection at resistance and weakening bullish volume
- ENA consolidates after steep drop, with $0.5170 and $0.4608 as key retracement targets
Several high-profile altcoins are now testing crucial support zones after sharp declines over the past 24 hours. According to analyst Altcoin Sherpa, popular tokens like BONK, PENGU, and ENA are likely to revisit deeper Fibonacci retracement levels, which could offer key areas for a potential bounce.
These targets include the 0.382 and 0.5 Fib zones, which often act as strong reversal points during corrective phases. As bearish pressure intensifies, investors are now closely watching these levels.
BONK Struggles to Hold Above Key Support
Bonk (BONK) has seen a notable selloff, breaking below the 0.236 Fibonacci level at $0.00003388. Price is now hovering around $0.00003007, with short-term support found near $0.00003146. This decline represents an 11.48% drop in 24 hours and a 15.78% loss over the past week.
Further downside could send BONK to $0.00002959, aligning with the 0.382 retracement level. If selling pressure intensifies, the next major target lies at the 0.5 Fib level of $0.00002612. This level also converges with the 200 EMA, creating a confluence zone. Should that support fail, $0.00002265 (0.618) becomes the next stop.
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Significantly, recent volume spikes suggest heightened activity, mostly driven by sellers. To regain bullish footing, BONK must reclaim $0.00003388 with strong buying volume.
PENGU Tests Resistance Before Possible Deeper Pullback
Pudgy Penguins (PENGU) has also faced notable resistance near $0.047, which triggered a rejection and retracement. Price is now trading around $0.03784 after dropping 8.46% in the past 24 hours. Over the week, it has lost 7.50%.
Currently, PENGU is testing support at the 0.236 Fibonacci level of $0.0376. A breakdown from here opens the door to $0.0317 (0.382 Fib), followed by $0.0271 (0.5 Fib). Decreasing volume further confirms weakening momentum.
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However, any bounce from the current level could push price back to retest the $0.047 resistance. Key lower supports are found at $0.0225 and $0.0160.
ENA Reaches Fibonacci Cluster Near $0.5170
Ethena (ENA) is showing early signs of a retracement after a strong rally. As of press time the price stands at $0.5727, reflecting a 14.56% intraday drop. Interestingly, the token still holds a 12.86% gain over the past week.
Price is testing the 0.236 Fibonacci zone at $0.5867. Should this fail, $0.5170 (0.382 Fib) and $0.4608 (0.5 Fib) are key supports. Notably, the 0.618 level at $0.4045 aligns closely with the 200 EMA, forming a critical zone for reversal.
A break below $0.4045 could extend losses toward $0.3244. Volume remains lower, signaling consolidation, but these deeper retracement zones may offer attractive entries if momentum returns.
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