A volatile week for BONK and FLOKI.
Market sentiment remained bearish for both #BONK and #FLOKI .
Most indicators and metrics pointed to continued price declines.
BONK [BONK] and Floki Inu [FLOKI], two of the most popular #meme coins, had a rough week with double-digit price declines.
However, as the market trend changed, their southern momentum also declined. Does this mean investors can expect their charts to turn green next week?
According to CoinMarketCap, the price of BONK has fallen by more than 17% in the past seven days; FLOKI has suffered a similar fate, with prices falling by more than 13% in the same time period.
The price drop has had a strong impact on sentiment in the market for these meme coins: analysis of AMBCrypto's sentiment data shows that the weighted sentiment for both meme coins remains extremely low.
This means that the bearish sentiment around BONK and FLOKI dominated the market.
However, the bearish trend seems to be coming to an end as the price decline has narrowed, with BONK's price falling by only 1.8% and FLOKI's price falling by 1.5% in the last 24 hours.
This may be a sign of trend reversal. At the moment of publication FLOKI was traded at the price of $00001685, and BONK - at the price of $BTC Is a trend reversal possible?
To find out, AMBCryto checked its indicators. It found that FLOKI's MVRV ratio fell sharply last week.
The funding ratio rose on May 12. Since prices usually move in the opposite direction of the funding ratio, this suggests that FLOKI's price may continue to fall.
Coinglass data shows that like FLOKI, BONK's funding ratio has also recorded an increase over the past few hours.
Next, the daily charts of both meme coins were analyzed to better understand their future prospects.
The Money Flow Index (MFI) also recorded a slight increase, suggesting upside.
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