- Despite a slight uptick, BONK and FLOKI’s bearish market sentiment continues.
- Market indicators and metrics suggest a potential continuation of price declines.
- However, a reduced rate of price decline might hint at a possible trend reversal.
Amidst bearish market sentiment, meme coins BONK and FLOKI see a slight price uptick. However, market indicators suggest a potential continuation of price declines. Could a reduced rate of price decline indicate a trend reversal?
BONK and FLOKI’s Bearish Week
BONK and FLOKI, two popular meme coins, experienced a challenging week with double-digit value declines. According to CoinMarketCap, BONK’s price dropped by more than 17% in the last seven days, while FLOKI’s value dipped by over 13%. This decline impacted the market sentiment around these coins, with Santiment’s data showing drastically low Weighted Sentiments for both.
Signs of a Trend Reversal?
Despite the bearish trend, the rate of price decline for both coins has dropped. BONK’s price dropped only by 1.8% in the last 24 hours, while FLOKI’s price dipped by 1.5%. This could potentially indicate a trend reversal. At press time, FLOKI was trading at $0.0001685, while BONK had a value of $0.00002264.
Analysing the Metrics
Further analysis of their metrics shows that FLOKI’s MVRV ratio dropped sharply last week, meaning that fewer investors were in profit. Its Funding Rate increased on the 12th of May, suggesting that FLOKI’s price might continue to fall. Similarly, BONK’s Funding Rate also registered an increase in the past few hours.
Examining the Daily Charts
Analysis of both meme coins’ daily charts reveals that FLOKI might be testing the upper trendline support of its bullish flag pattern. Its Money Flow Index (MFI) also registered a slight uptick, hinting at a price increase. However, the Chaikin Money Flow (CMF) remained in the bears’ favor. On the other hand, BONK’s market indicators looked bearish, with its CMF considerably lower than the neutral mark and the MACD displaying a bearish crossover.
Conclusion
While there are signs of a potential trend reversal, the overall market sentiment remains bearish for both BONK and FLOKI. Investors should keep a close eye on these coins’ metrics and daily charts to anticipate possible price movements. As the crypto market remains volatile, it’s crucial to stay informed and make investment decisions accordingly.
