This Is the Direction BONK Price Could Take Following 20% Decline  

BONK’s price is no stranger to volatile moves, as the meme coin managed to chart a new all-time high and attempted to chart another.

As the latter failed to succeed, the altcoin fell massively, which could be followed by consolidation.

BONK Investors Lose Optimism

BONK’s price has been declining, not just on the charts but also in holders’ confidence. Evident in the asset’s Open Interest, investors seem to be pulling their money out of investing in BONK in any way.

In the last 48 hours, Open Interest fell by $8 million, bringing it down to $16 million from $24 million. While the funding rate is still positive, suggesting a dominance of long contracts, the drop in OI is still bearish for BONK.

BONK Open Interest. Source: Coinglass

However, the Relative Strength Index (RSI) holds above the neutral line at 50.0. The Relative Strength Index (RSI) is a momentum oscillator that measures the speed and change of price movements on a scale of 0 to 100. It helps identify overbought or oversold conditions, with readings above 70 indicating overbought and below 30 indicating oversold.