- BONK’s price has fallen by double digits in the last week.
Key indicators suggest the possibility of a further decrease.
According to data from CoinMarketCap, the memecoin Bonk, which runs on the Solana blockchain and is represented by the symbol BONK, has experienced significant losses over the past week, ranking as the second asset with the greatest price decrease.
Over the past week, the price of this memecoin has dropped by more than 40%, making it the top meme asset experiencing the greatest decrease in value during this timeframe.
BONK eyes more losses
Currently, BONK is priced at $0.000014. A review of its daily price trends suggests that it may continue to drop.
Initially, the Chaikin Money Flow (CMF) for BONK showed a decreasing pattern and fell beneath the zero line. The CMF signifies the net money flow in and out of the BONK market.
When the CMF of BONK yields a figure below zero, such as -0.05 in this case, it’s taken as an indication of market vulnerability, with traders withdrawing their liquidity from the market.
Additionally, the descending trendline of its Accumulation/Distribution Line (ADL) indicated a notable decrease in demand for BONK over the last few weeks.
This metric measures the amount of funds moving in and out of an asset during a defined timeframe. A decrease in this value implies fewer funds are entering the asset, suggesting increased selling activity.
At present, the buying interest for BONK is decreasing, as indicated by its technical indicators. Specifically, the RSI and MFI readings were found to be in the oversold region, with values of 33.25 and 34.13, respectively.
In these given levels, the market trends indicated a preference among participants for distributing BONK rather than amassing it.
In simpler terms, the green number indicating the token’s positive direction was smaller than the red number representing its negative direction, implying a strong negative or bearish outlook for that token.
If the Directional Movement Index (DMI) readings for an asset suggest this, it means that investors are offloading more of the asset than they are acquiring.
Is your portfolio green? Check the Bonk Profit Calculator
The Elder-Ray Index by BONK indicated a dominant bearish attitude among market participants, reflecting greater selling pressure compared to buying activity.
When it yields a loss, trading with a bearish outlook grows stronger, leading to an uptick in selling actions.
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2024-04-16 11:04