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Analytics

BONK Price Battles Bearish Sentiment Amidst Price Decline Concerns

By admin
0 110

BONK’s price is struggling to find footing above $0.00002500, which would help the meme coin breach through the next barrier.

On top of that, the altcoin’s investors are exhibiting increasing bearishness, some even leaning towards a price decline.

BONK Struggles Against Resistance

BONK price is noting the impact of the rising bearishness towards the altcoin. BONK’s Chaikin Money Flow (CMF) indicator recently broke through its downtrend, signaling a potential shift in market sentiment. However, this upward momentum appears to be waning, raising concerns about the sustainability of this trend.

As the CMF indicator dips below the zero line, it suggests that buying pressure is beginning to build. This shift indicates that more capital is flowing out of BONK, which could lead to a decline in its price if the trend continues.

BONK Price Battles Bearish Sentiment Amidst Price Decline Concerns

BONK CMF. Source: TradingView

Adding to these concerns, BONK’s funding rate has turned negative again just days after briefly being positive. A negative funding rate typically indicates that short positions are paying long positions. This suggests a domination of short contracts reflecting bearish sentiment among investors.

This negative funding rate implies that investors are expecting BONK’s price to drop. The combination of weakening CMF momentum and a negative funding rate suggests that BONK may face increased selling pressure in the near future.

BONK Price Battles Bearish Sentiment Amidst Price Decline Concerns

BONK Funding Rate. Source: Coinglass

BONK Price Prediction: A Little to the Down

BONK, trading at $0.00002411, is currently failing to breach the resistance at $0.00002748. Along with the aforementioned factors, this failure suggests a breakout to $0.00003000 is unlikely for now. Thus, the meme coin could end up being consolidated at $0.00002748 and $0.00002153.

If the bearish cues intensify, the meme coin could potentially fall through the support of $0.00002153. This would result in a drawdown to $0.00001941, leading to a drop below $0.00002000.

BONK Price Battles Bearish Sentiment Amidst Price Decline Concerns

BONK Price Analysis. Source: TradingView

However, if the $0.00002748 barrier is breached, BONK would have a shot at recovery. This would also invalidate the bearish thesis.

Source

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