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.

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