- Market sentiment remained bearish on both BONK and FLOKI.
Most indicators and metrics hinted at continued price declines.
As an experienced market analyst, I’ve closely observed the recent price movements of BONK and FLOKI, two popular meme coins in the cryptocurrency market. The bearish sentiment surrounding both coins has been persistent, with market indicators and metrics suggesting continued declines.
Last week was challenging for two well-known meme coins, Bonk (BONK) and Floki Inu (FLOKI), as their values experienced significant drops, decreasing by over ten percent each.
With the shift in market trends, the downward trajectory of the companies also weakened. But it doesn’t necessarily imply that investors should anticipate a bullish trend and green charts in the imminent week.
BONK and FLOKI bears stand strong
Based on data from CoinMarketCap, the price of BONK decreased by approximately 17% over the past week. Likewise, FLOKI experienced a decline of around 13% during the same time frame.
As an analyst, I’ve observed that the recent downturn in pricing has significantly affected the market sentiment towards these meme coins. Based on my examination of Santiment’s data, the weighted sentiments for both coins have plummeted to relatively low levels.
This signified that bearish sentiment around BONK and FLOKI was dominant in the market.
The downtrend for BONK and FLOKI appeared to be weakening based on their recent price declines. Specifically, BONK experienced a decrease of 1.8% over the past 24 hours, whereas FLOKI saw a dip of 1.5%.
It’s possible that this represents a change in direction for FLOKI and BONK based on their current prices. At the moment of publication, FLOKI was priced at $0.0001685, while BONK was valued at $0.00002264.
Is a trend reversal possible?
I analyzed the metrics of AMBCrypto and discovered that FLOKI‘s MVRV ratio took a significant dive last week. This indicates that a smaller number of investors were enjoying profits during this period.
On May 12th, there was an upward shift in FLOKI‘s Funding Rate. Typically, market trends show prices moving contrary to the Funding Rate. As such, it’s possible that FLOKI’s price could experience further decreases.
According to Coingecko’s data, similar to FLOKI, BONK experienced a rise in its Funding Rate over the past few hours.
After examining the daily graphs of the meme coins more closely, we sought to gain a clearer perspective on their potential future developments. Starting with FLOKI, our analysis revealed that this meme coin could potentially be checking the resilience of the upper trendline as part of its bullish flag structure.
As an analyst, I’ve noticed that the Money Flow Index (MFI) displayed a minor upward shift, which could potentially indicate an upcoming price surge. On the other hand, the Chaikin Money Flow (CMF) continues to lean towards the bearish sentiment.
Should the downward trend in FLOKI‘s price persist, it may reach the support level of $0.000156 before potentially bouncing back.
The market signals from BONK appeared quite pessimistic as well. Its Composite Moving Average (CMF) fell significantly below the neutral threshold.
Instead of “Unlike FLOKI, BONK‘s MFI showed a decrease, implying a higher probability of further price reduction. Furthermore, the MACD exhibited a bearish signal.”
Sources: TradingView
Read Bonk’s [BONK] Price Prediction 2024-25
After examining BONK‘s liquidation map from AMBCrypto, we identified potential areas of support based on our analysis. Notably, the cryptocurrency shows significant backing around the price point of $0.000022.
Should it shift to an uptrend from this point, the value of BONK might climb as high as $0.000029. Conversely, a significant decline could potentially take its price down to $0.000018 within the upcoming week.
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2024-05-12 23:03