⚽Where BONK is headed after a 20% fall

🫴The popular memcoin BONK updated the historical maximum and tried to set another one.

🫴However, the attempt turned out to be a failure - the price of the altcoin fell sharply, which significantly affected investors' confidence in its further dynamics.

✅BONK investors are losing optimism

🫴According to data from analytics platform Coinglass, over the past 48 hours, open interest in BONK has decreased from $24 million to $16 million. Despite the fact that the funding rate remains positive, indicating the prevalence of long contracts, the drop in OI signals a significant loss of optimism.

🫴Nevertheless, the Relative Strength Index is still holding above the neutral 50.0 level. RSI is a momentum oscillator that measures the speed and changes in price movements on a scale of 0 to 100 and helps determine whether an asset is overbought or oversold.

🫴The transition of the indicator into a bullish zone is considered a positive signal. If RSI fixes at this level, the price of BONK may bounce upwards.

⚽BONK price forecast: market forces are equal

🫴BONK may show sideways movement in the near future due to mixed market signals. While the open interest continues to fall, the RSI is showing a counterargument. As a result, memcoin may be stuck in the range of $0.00003769 to $0.00003182.

🫴If BONK breaks above the upper boundary of the range, it could head towards $0.00004000, starting a new rally and refuting the bearish thesis.