- Bonk declined by 17.7% in 24 hours.
- The memecoin’s fundamentals suggested a further decline below $0.0000200 before another uptrend.
As a seasoned researcher with years of market analysis under my belt, I’ve seen trends come and go like the tides. However, the current situation with Bonk [BONK] is causing me to pause and reevaluate. The past month has been a rollercoaster ride for this memecoin, with its meteoric rise and subsequent correction.
In the last four weeks, there’s been a dramatic increase in the popularity of meme-based cryptocurrencies, with one notable example being Bonk [BONK]. During this timeframe, its value has significantly climbed by approximately 19.21%.
The memecoin has recorded moderate gains over the past week, surging by 5.05%.
Over the past day, I’ve witnessed a notable market downturn. Right now, as we speak, BONK is being traded at approximately $0.00002082.
As an analyst, I’m observing a significant decrease today: a 17.70% drop on the daily charts for this memecoin. Additionally, trading activities have noticeably decreased, leading to a 27.89% decline in its trading volume, now at approximately $460.6 million. Furthermore, the market capitalization has also taken a hit, falling by 17.55%, currently standing at around $1.48 billion.
Prevailing market sentiment
Based on AMBCrypto’s assessment, the cryptocurrency BONK made an attempt to surge beyond $0.00002750, but this effort was thwarted, leading to a pullback in its value.
As a crypto investor, I noticed that the price action didn’t manage to break through this level, suggesting that the buying force wasn’t robust enough at this point. Instead, it seems like the sellers were successfully maintaining their position and holding the prices down.
Such market conditions showed a shift in market sentiment from positive to negative.
At the given moment, AMBCrypto’s examination of Market Prophit indicated a predominantly pessimistic public opinion.
The evidence for this suggests that the crowd’s sentiment, as indicated by their Z score, was significantly more negative (-1.49) compared to Market Prophit’s sentiment (-0.0988). Moreover, it’s worth noting that both the crowd sentiment and BUZZ scores have experienced a dramatic drop-off over the last 24 hours.
Is it possible that this pullback might cause the price of BONK to fall below 0.00002000, or is this dip just a temporary correction before a significant upward trend resumes?
What BONK charts indicate
Based on AMBcrypto’s analysis, the current market situation may lead to more falls for BONK before it starts an upward trend again.
Over the last five days, the Relative Strength Index (RSI) of BONK has dropped, with it currently sitting at 51 compared to its previous peak of 74.
This demonstrated a decrease in purchasing actions since sellers began exerting more influence over the market. Typically, increased selling pressure can lead to drops in prices.
Furthermore, in just the last four days, BONK experienced a significant increase in liquidations totaling approximately $2.2 million. This surge suggests a marked change in investor sentiment, implying that many participants may have lost faith in the potential success of this memecoin.
Finally, the memecoin’s Open Interest has declined by 10.96% to $10.62 million over the past day.
It seemed as though investors were selling off their investments, with no fresh investors stepping in, implying a low level of confidence among them regarding the existing market trend.
The trend of this occurrence is backed up by a consistent drop in the number of open contracts for BONK‘s futures market over the past five days. As a result, the open interest for BONK’s futures has decreased from $13.59 million to $10.91 million.
Read Bonk’s [BONK] Price Prediction 2024–2025
Consequently, at the present moment, there was a noticeable shift in market opinion towards BONK, as sellers were increasingly active.
If the current downward pattern continues, BONK may end up closing below 0.0000200 on a daily basis, then it might find its next significant support levels at approximately 0.00001862 and 0.00001706.
Read More
- SQR PREDICTION. SQR cryptocurrency
- DOGS PREDICTION. DOGS cryptocurrency
- DOP PREDICTION. DOP cryptocurrency
- METIS PREDICTION. METIS cryptocurrency
- UXLINK PREDICTION. UXLINK cryptocurrency
- KNINE PREDICTION. KNINE cryptocurrency
- CLOUD PREDICTION. CLOUD cryptocurrency
- LDO PREDICTION. LDO cryptocurrency
- TON PREDICTION. TON cryptocurrency
- HI PREDICTION. HI cryptocurrency
2024-10-04 04:08