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06/05/2024

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BONK Maintains Uptrend Despite Growing Bearish Sentiment

The meme coin Bonk (BONK) has stayed within an upward channel, even as more people have become pessimistic about it recently. Looking at its main signs, there's still a lot of interest in the meme coin, despite some investors selling to make a profit.

BONK Maintains Uptrend Despite Growing Bearish Sentiment

The meme coin Bonk (BONK) has stayed within an upward channel, even as more people have become pessimistic about it recently. Looking at its main signs, there’s still a lot of interest in the meme coin, despite some investors selling to make a profit.

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Despite lingering bearish sentiment, BONK’s price has surged 25% in the past month, forming an upward pattern. While there’s a negative outlook in sentiment and reduced futures activity, BONK shows strong bullish momentum in its RSI and Elder-Ray Index, hinting at possible further price increases.

Bearish Sentiment Lingers Despite BONK’s Price Rally

At the current time, BONK is trading at $0.000034, marking a 25% increase in value over the last month. This upward movement has formed an ascending channel, with BONK recently attempting to breach its upper boundary on May 27.

Bonk Weighted Sentiment. Source: Santiment

However, alongside this rally, bearish activity has persisted within the BONK market. The token has recorded negative weighted sentiment since May 30, currently standing at -0.79. This negative sentiment indicates an overall pessimistic online discussion surrounding BONK.

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Moreover, the bearish sentiment extends to BONK’s futures market, where open interest has seen a decline. Starting June at $14.62 million, the futures open interest has decreased by 18%. This reduction suggests a decrease in market activity as traders close existing positions without opening new ones, reflecting a negative shift in trader sentiment.

Bonk Open Interest. Source: Coinglass

Bullish Signals Persist for BONK Amidst Selling Pressure

Despite some traders opting to sell their BONK tokens, bullish indicators remain strong in the meme coin market.

BONK’s Relative Strength Index (RSI) currently stands at 62.25, indicating that buying momentum is outweighing selling pressure. The RSI measures the speed and change of price movements, with values above 70 suggesting an overbought condition and values below 30 indicating oversold conditions.

Additionally, BONK’s Elder-Ray Index also shows positive signs, resting above the zero line at 0.0000079. This index assesses the balance between buyer and seller strength in the market, with positive values indicating dominant bullish sentiment.

Bonk Analysis. Source: TradingView

Looking ahead, if buying pressure continues to dominate, BONK may extend its uptrend and potentially breach the upper boundary of its ascending channel at $0.000045. However, increased bearish sentiment could push the token’s price down towards support levels around $0.000027.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

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  • Asad

    Asad is a dynamic and talented cryptocurrency content author who brings a wealth of knowledge and enthusiasm to every article. With a deep understanding of blockchain technology and a passion for digital assets, Asad's writing is both informative and engaging.

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