BONK Price Is Expected To Hit A 50% Surge

BONK has experienced a significant price rally, benefiting from overall positive market trends. However, despite this impressive rise, the outlook remains uncertain. Despite its humorous beginnings, BONK has seen impressive price movements, attracting both casual investors and crypto enthusiasts.

Investors are showing ambivalence, which may result in a neutral to bearish trend for BONK. This sentiment is evident in the reduced activity in the Futures market, reflected by the Open Interest metric. Open Interest stands for the total number of outstanding derivative contracts. They include options or futures that have yet to be settled. Over the past five days, BONK’s open interest decreased by 20%, falling from $13.8 million to $11.1 million. This $2.7 million drop indicates a waning interest in trading BONK, suggesting a bearish outlook for the altcoin.

Currently, BONK/USDT is trading at $0.00003783 on Gate.io, slightly above a critical resistance level of $0.00003769. This resistance marks closing price of its previous high in 2024 when BONK peaked at $0.00004800 during intra-day trading.However, surpassing this resistance level seems improbable. The aforementioned factors may dampen market bullishness, leading to potential consolidation. BONK might fluctuate sideways between $0.00003769 and $0.00002811.Should the price break either boundary, the current neutral-bearish scenario would be invalidated. A breakout could propel BONK to $0.00004500 or higher, while a breakdown might see it fall to $0.00002200.

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