Bonk (BONK) has experienced a notable 7.37% rally, bringing its value to $0.00001851. This surge follows a series of market downturns, with BONK suffering a 28.79% loss in the past week and a staggering 46.55% loss over the last month. Despite these setbacks, the current rally has raised hopes that BONK could potentially erase its monthly losses and regain lost ground.
Recent analysis indicates that this bullish wave could lead BONK to recover its position in the market. Traders, particularly on OKX, have shown a marked increase in buying interest. The Long/Short Ratio, which measures the balance of buyers versus sellers, has climbed above 1.0, signaling that more traders are entering long positions. As of the latest data, OKX traders have a Long/Short Ratio of 1.91, indicating strong bullish sentiment. Furthermore, the Open Interest Weighted Funding Rate has turned positive at 0.0051%, suggesting a shift in favor of long traders after a prolonged bearish period.
AMBCrypto’s analysis underscores the potential for a significant market rally, with BONK’s price action forming a bullish setup. Currently, BONK is trading within a descending price channel, where it has faced resistance but also found support at two key levels: $0.00001862 and $0.00001582. Should the price maintain the $0.00001862 support, a 192% gain could be possible, reaching up to $0.00005444.
However, a bearish outlook remains, as the Moving Average Convergence Divergence (MACD) and Relative Strength Index (RSI) signals show mixed indications. While the MACD suggests the market is still in a bearish phase, the RSI has dipped below 30, entering the oversold zone. This suggests that selling pressure may be fading, and a price rebound could be imminent.
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As the market watches closely, the next few days will determine whether BONK can sustain this bullish momentum or face another downturn.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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