BONK's Price Drop Causes Investors to Lose Confidence
BONK's price has fallen, causing investors to lose confidence. This is shown by the decrease in Open Interest (OI) from $24 million to $16 million, which has slightly rebounded to $17.27 million. Despite a positive funding rate, the sharp decline in OI indicates a bearish market. If investor confidence doesn't recover, prices may fall further.
Here are the key points:
- Open Interest dropped by $8 million in 48 hours.
- Open Interest is currently at $17.27 million.
- Funding Rate is positive, favoring long contracts.
Open Interest (OI) refers to the number of unsettled derivative contracts like futures and options. A lower OI indicates decreased market interest, while a higher OI shows increased interest.
The recent dip in OI suggests diminished investor confidence, which may negatively impact BONK's price.
The current price of BONK is $0.00003323, with resistance levels at $0.00003802, $0.00004013, and $0.00004261, and support levels at $0.00003240, $0.00003014, and $0.00002787.
The 50-day Exponential Moving Average (50 EMA) is $0.00003482, and the Relative Strength Index (RSI) is 39.79, indicating oversold conditions.