Will Bonk Recover After $10 Million Open Interest Drop?

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BONK's Open Interest shows that investor confidence has plummeted due to its price decrease. OI decreased from $24 million to $16 million, somewhat rebounding to $17.27 million.

OI fell sharply, suggesting pessimistic sentiment despite a positive funding rate favoring long contracts. If investor confidence drops, prices may fall further.

BONK is now at $0.00003323, with technical indications suggesting support and resistance levels.

BONK Investors Losing Confidence as Open Interest Falls

Open Interest shows BONK's price fall is affecting investor confidence. On Saturday, OI declined $8 million from $24 million to $16 million.

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

The funding rate is positive, suggesting a majority of long contracts, but the substantial decline in OI shows BONK is bearish.

Key Points:

Open Interest: $8 million down in 48 hours.

Open Interest: $16 million, now over 17 million

Funding Rate: Positive, favoring lengthy contracts.

Open Interest (OI)—What Does It Mean for You?

Open Interest (OI) is the number of unsettled derivative contracts like futures and options. It shows asset liquidity and trading activity.

A lower OI implies falling market interest, whereas a greater OI shows increased interest.

The recent dip in OI from $24 million to $16 million, despite a minor rebound to $17.27 million, suggests diminished investor confidence, which might hurt BONK's price.

Bonk Price Forecast

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

Resistance is $0.00003802, $0.00004013, and $0.00004261, whereas support is $0.00003240, $0.00003014, and $0.00002787.

Bonk Price Forecast

Tradingview: Bonk Price Prediction

The 50-day Exponential Moving Average (50 EMA) is $0.00003482, and the Relative Strength Index (RSI) is 39.79, suggesting oversold circumstances.