Things have not been going well in BONK, one of the popular memecoin projects, lately. In particular, on-chain data has not yet met investors' expectations. While the upward momentum in the crypto market is on the agenda, there are remarkable developments in memecoin projects. BONK's price did not disappoint its investors, but it also failed to meet expectations. This creates a shift in investors' sentiments, increasing the risk of a potential downturn.
BONK's Status and Investors' Expectations
BONK price is currently trading at $0.00002853 and is trying to stay below the $0.00003182 resistance and above the $0.00002748 support. Traders should watch for a breakout of the $0.00003182 resistance. However, the expected gains from the price increase for memecoin still did not materialize, leading to increased selling pressure in the memecoin space. While investors expected higher returns, these expectations were not met and as a result, the funding rate changed negatively. A negative funding rate is considered a clear indicator of the prevailing downward trend. Unless there is a reversal in this trend or significant positive developments, optimism for BONK investors seems unlikely.
Technical Analysis and Potential Movements
BONK's price has been showing an upward trend since mid-April and plans to continue this trend. However, investors have increased the downward pressure. If the price loses the $0.00002748 support, there is a possibility that the memecoin project could drop to the $0.00002153 level; This may invalidate the current uptrend.
Still, if the critical support level remains intact, the possibility of an uptrend cannot be completely ruled out. Once the resistance at $0.00003182 is breached, the current bearish thesis could be invalidated and the price could move higher. This may reshape investors' optimistic expectations.
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