š¦®Bonk News
š¦®Bonk Update
Bonk Price Risks Falling Below 200-Day Support Amid Strong Bearish Signals
Key Points:
BONK price tests crucial support within a rising channel pattern maintained since February 2024.
A negative OI-Weighted Funding Rate of -0.0161 signals heightened bearish sentiment, with traders favoring short positions.
Resistance at the 20-day EMA could trigger a breakdown below $0.000015.
After a steep 48.5% drop, BONK now hovers near the lower boundary of its rising channel. A breach of this support could lead to further losses, exacerbated by an impending death cross between the 50- and 200-day EMAs. With the OI-Weighted Funding Rate showing a strong preference for shorts, the bearish trend appears persistent.
If the support breaks, BONK could drop another 27% to $0.000012. However, if the trendline holds, a potential reversal could drive a 30% recovery to $0.000023.
I would like to appreciate all of you to vote me for the binance creator awards. Please open my profile and click on the vote button right below my bio. It will only take about 10-15 seconds to vote for me to continue writing content.
Follow for more updates, analysis, trends and predictions about the market. Like and Share. Thanks.
#PowellAtJacksonHole #CryptoMarketMoves #MarketDownturn #Write2Earn! #BinanceTurns7
