馃ΞBonk News
馃ΞBonk Update
Bonk Price Risks Falling Below 200-Day Support Amid Strong Bearish Signals
Key Points:
BONK price tests crucial support within a rising channel pattern maintained since February 2024.
A negative OI-Weighted Funding Rate of -0.0161 signals heightened bearish sentiment, with traders favoring short positions.
Resistance at the 20-day EMA could trigger a breakdown below $0.000015.
After a steep 48.5% drop, BONK now hovers near the lower boundary of its rising channel. A breach of this support could lead to further losses, exacerbated by an impending death cross between the 50- and 200-day EMAs. With the OI-Weighted Funding Rate showing a strong preference for shorts, the bearish trend appears persistent.
If the support breaks, BONK could drop another 27% to $0.000012. However, if the trendline holds, a potential reversal could drive a 30% recovery to $0.000023.
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