- Ah, BONK! The brave little token that has gallantly breached a year-long support level, now careening toward an all-time low in the market. What a spectacle! 🎭
- OI-Weighted Sentiment and Relative Strength Index (RSI) are like the harbingers of doom, showing a fractal pattern that could intensify BONK’s fall. Grab your popcorn! 🍿
Bonk [BONK] holders, my dear friends, have yet to catch a break from the relentless decline of market activity. It’s like watching a soap opera, but with more drama and less romance.
In the past four weeks, it recorded a steep loss of 56.44%. And just when you thought it couldn’t get worse, it lost another 14.25% in the past 24 hours as the broader cryptocurrency market crashes. Talk about a rollercoaster ride! 🎢
Analysis of BONK by AMBCrypto suggests that the fall could gain more momentum, forming an all-time low, particularly as a bearish fractal pattern surfaces. It’s like a bad sequel that no one asked for!
A 25% fall on the horizon as support fails
BONK has breached its year-long consolidation channel, which began in December 2023. A consolidation channel, my friends, is where price trades between defined support and resistance levels—like a hamster on a wheel, going nowhere fast.
The breach has led to a breakdown from the current support level at 0.00001531. It was heading for the all-time low at 0.00000933 at press time—a 25.41% decline from its prevailing price level. Can you hear the sound of investors weeping? 😢
If this level is breached, the fall could extend further as the market moves into a bearish price discovery phase, with no key support level to influence a bounce back. It’s like trying to bounce on a trampoline with no springs!
Fractal pattern suggests further decline
At the time of writing, the OI-Weighted Funding Rate—which combines Open Interest and funding rates to gauge market direction—suggests a further decline. It’s like a dark cloud hanging over BONK’s head.
This metric has remained negative in recent days, indicating persistent bearish sentiment. It’s the kind of negativity that could make Eeyore look like an optimist!
A closer look at historical patterns reveals that between the 15th to the 20th of February, when the OI-Weighted Sentiment was also negative, BONK saw a sharp drop of 17%, entering the oversold region before briefly stabilizing, only to continue falling. Déjà vu, anyone?
Now, a similar pattern is unfolding. The OI-Weighted Sentiment has been predominantly bullish for two days, coinciding with the RSI nearing the overbought zone. It’s like a mirage in the desert—looks good, but it’s just an illusion!
If history repeats itself, BONK may stabilize briefly before resuming its downward trajectory. The RSI, which identifies overbought (above 70) and oversold (below 30) conditions, suggests that BONK’s upside potential is limited. It’s like trying to inflate a balloon with a hole in it!
Instead, the token is more likely to continue its decline toward, or even below, its all-time low. Buckle up, folks!
Momentum-backed selling
The current decline in BONK is driven by a high volume surge in the market, which gained 186.53% to $39.81 million—indicating the strong momentum behind the sell-off. It’s like a stampede at a sale!
This volume surge provides more insight into the declining Open Interest, leading to several unsettled contracts being closed, as seen with a 24-hour drop of 10.81% to $8.18 million. It’s a game of musical chairs, and BONK is left standing!
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2025-02-25 19:39