Will Bonk Recover After $10 Million Drop in Open Interest?

BONK's open interest shows that investor confidence has plummeted due to falling prices. Open interest decreased from 24 million USD to 16 million USD, somewhat recovering to 17.27 million USD.

OI dropped sharply, indicating pessimistic sentiment despite positive funding rates favoring long-term long contracts. If investor confidence falls, prices could fall further.

BONK is currently at $0.00003323, with technical indicators suggesting support and resistance levels.

✅ BONK Investors Lose Confidence When Open Interest Decreases

Open interest shows that the BONK price drop is affecting investor confidence. On Saturday, OI decreased by $8 million from $24 million to $16 million.

However, it rose 0.09% to $17.27 million on Sunday.

The funding ratio is positive, indicating a majority of contracts are long, but the significant decline in OI suggests that BONK is bearish.

✅ Key Points:

- Open interest: reduced by 8 million USD in 48 hours.

- Open interest: 16 million USD, currently more than 17 million

- Financing rate: Positive, prioritizing long-term contracts.

- Open interest (OI)—What does it mean to you?

Open interest (OI) is the number of outstanding derivative contracts such as futures and options. It shows asset liquidity and trading activity.

Lower OI implies reduced market interest, while larger OI indicates increased interest.

The recent drop in OI from $24 million to $16 million, despite a small recovery to $17.27 million, suggests a decline in investor confidence, which could weigh on the price BONK.

✅ Bonk Price Forecast

The 4-hour chart shows BONK at $0.00003323. The green line represents the pivot point at 0.00003536 USD.

Resistance levels are $0.00003802, $0.00004013 and $0.00004261, while support levels are $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 circumstances. $BONK