🌠BONK UPDATE ✅
⚽Where BONK is headed after a 20% drop
🫴The popular memcoin BONK updated the all-time high and attempted to set another one.
🫴However, the attempt failed: the price of the altcoin fell sharply, which significantly affected investors' confidence in its future dynamics.
✅BONK investors are losing optimism
🫴According to data from analytics platform Coinglass, in the last 48 hours, open interest in BONK has decreased from $24 million to $16 million. Even though the funding rate remains positive, indicating the prevalence of long-term contracts, the drop in OI indicates a significant loss of optimism.
🫴However, the relative strength index still remains above the neutral level 50.0. RSI is a momentum oscillator that measures the speed and changes in price movements on a scale of 0 to 100 and helps determine whether an asset is overbought or oversold.
🫴The transition of the indicator to a bullish zone is considered a positive signal. If the RSI is fixed at this level, the BONK price may bounce upwards.
⚽ BONK Price Forecast – Market Forces Equal
🫴BONK may show a sideways movement in the near future due to mixed market signals. As open interest continues to fall, the RSI shows a counterargument. As a result, memcoin may be stuck in the range of $0.00003769 to $0.00003182.
🫴If BONK breaks the upper limit of the range, it could head towards $0.00004000, starting a new rally and refuting the bearish thesis.
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