$BONK Coin Price at Risk of Losing Key Support as Selling Pressure Mounts đ
The BONK price has experienced a drastic 54% decline in recent times, sparking concerns among investors. The cryptocurrency is now at risk of losing its 180-day support level, a crucial indicator of long-term momentum. The selling pressure has led to a significant drop in open interest, plummeting by 55%.
Despite today's market uptick, derivative data suggests continued bearish momentum for BONK. The Average Directional Index (ADX) indicates a strong downtrend, hinting at further price declines. Traders are seeking more discounts, adding to the selling pressure.
The BONK price decline has left investors worried, with many wondering if the cryptocurrency can hold its 180-day support level. A break below this level could lead to further losses, making it essential for investors to keep a close eye on the market.
The combination of selling pressure, dropping open interest, and bearish derivative data paints a grim picture for BONK's short-term prospects. Investors must exercise caution and consider the potential risks before making any investment decisions.
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