Bitcoin Rally Supports BONK Coin Despite Downtrend...!
Bitcoin's price has experienced a significant rise and reached $71,758 today, which has had a positive impact on the overall altcoin market.
Among the notable winners, BONK Coin managed to attract attention amidst the meme coin rally.
Factors Contributing to the Performance of BONK Coin
BONK Coin is currently valued at $0.000034 and is benefiting significantly from Bitcoin's recent price movements. On the short-term 15-minute charts, BTC's movements have sparked increased interest among altcoin traders. Despite gaining 30% in the last month and forming an ascending channel, the coin is having difficulties staying at the top of this channel.
Challenges in Market Sentiment
Despite positive price trends, sentiment around BONK Coin remains stagnant. One of the reasons for this is that attention has shifted to other popular meme coins. Additionally, the Futures Open Interest metric fell 18% last month to $14.62 million, indicating investors are hesitant to bid higher. This ongoing negative sentiment is a critical factor in the coin's volatile performance.
