- With dwindling demand and enthusiasm, BONK cryptocurrency is likely to continue its short-term range.
- Technical and social indicators do not favor buyers, suggesting potential losses.
- An analysis of Futures data shows a decrease in enthusiasm and confidence in BONK’s short-term bullish prospects.
Explore the current market trends of BONK cryptocurrency, its potential losses, and the key levels traders should watch out for.
Range Formation Indicates Future Trends
The two-month range of BONK, highlighted in purple, extends from $0.0000136 to $0.0000286. Despite two rejections from the range highs in the past two weeks, the price has not yet sunk below the mid-range support. The RSI on the daily chart stands at 51.7, indicating that momentum does not favor either buyers or sellers. Similarly, the CMF stands at -0.05, a threshold level that, if lowered, will indicate significant capital outflow and selling pressure.
Social Metrics and BONK’s Future
The social volume of BONK has been trending downward since April 25th. The 3-day interval weighted sentiment was positive on that day but has since been mostly negative. With little demand and enthusiasm in the markets and on social media, it is likely that BONK will continue its short-term range and bounce from the $0.0000209 level. However, selling pressure on Bitcoin [BTC] could propel BONK toward the range lows at $0.0000136.
Conclusion
In conclusion, BONK’s future seems uncertain with potential losses on the horizon. Traders should keep an eye on key levels and market trends. The lack of demand and enthusiasm, both in the markets and on social media, could lead to a continuation of its short-term range. However, external factors such as selling pressure on Bitcoin could affect BONK’s trajectory.
