- On-chain metrics revealed that exchanges have witnessed an outflow of $4.5 million worth of BONK.
- Currently, 52.98% of top traders hold long positions, while 47.02% hold short positions.
After dropping more than 60% in value during the last few weeks, Bonk [BONK] has now stabilized at around $0.000025. Whether this marks a change in investor sentiment remains uncertain.
Still, the current market outlook suggests a potential turnaround for the meme coin.
Rising interest from traders and investors
As a researcher, I’ve observed that another potential influencer of BONK’s sentiment could be the escalating enthusiasm and faith among traders and investors, as evidenced by the insights provided by the on-chain analysis firm, CoinGlass.
Over the last three days, I’ve observed a substantial withdrawal of approximately $4.5 million in BONK tokens from cryptocurrency exchanges, indicating a shift in market sentiment or trading strategies.
In today’s market situation, a significant increase in flow indicates a possible build-up, potentially leading to strong demand and boosting upward movement.
Beyond long-term investors selling off their assets, it seems that short-term traders are also favoring long positions, according to the on-chain data provided by CoinGlass.
Currently, the Long/Short Ratio for BONK is 1.07, suggesting a robust optimism among traders, as more than half (52.98%) are currently in long positions compared to those (47.02%) who are in short positions.
It seems that by considering these blockchain indicators together, we can observe a resurgence of bullish sentiment, helping the meme coin regain its upward trajectory.
BONK technical analysis and key levels
Based on AMBCrypto’s technical assessment, BONK seems undecided and is close to either experiencing a substantial increase or potentially seeing a drop in the coming period.
BONK’s price prediction
From past trends in BONK’s price movement, it’s important to note that we’ve seen similar levels before. On those occasions, the meme coin went on to surge by about 35%. Given this historical pattern, some experts and analysts predict a repeat of such a rally now.
If BONK maintains its current price at around $0.000025, it’s quite possible that it will increase by approximately 30% to reach $0.000035 in the future. On the flip side, if BONK fails to sustain this level and finishes a daily trading session below $0.000025, there’s a potential for the meme coin to fall towards $0.000016.
Read Bonk’s [BONK] Price Prediction 2024-25
As I write this, the memecoin is being traded around $0.000027, and it has seen a slight increase of approximately 1.10%.
During that timeframe, I noticed a significant drop of around 40% in the cryptocurrency’s trading volume, suggesting a decrease in trader and investor engagement as the market recovers. This could be a sign of reduced enthusiasm or uncertainty within the crypto community.
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2025-01-15 16:07