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BONK Coin Price Set to Face Consolidation After 50% Surge

BONK coin price is benefiting from rising broader market signals, but despite the massive rally, the future does not look bright.

Indeed, investors are currently showing mixed signals, which could lead to a neutral or bearish result.

BONK Investors Seem Uncertain

BONK coin price is on the verge of deflation as investors show slight decline. This can be seen in the money being removed from the futures market as evidenced by open interest.

Open interest refers to the total number of outstanding derivative contracts, such as options or futures, that have not settled. BONK's open stake fell 20% in five days, from $13.8 million to $11.1 million.

This drop of $2.7 million shows that investors are not inclined to trade BONK, which is a bearish sign for the altcoin.

BONK Interest open.
BONK Interest open. Source: Quinglass

However, investors are still hoping for a recovery despite funds being withdrawn from the futures market. Their belief in the upside potential is reflected in the funding rate, which remains positive.

A funding rate is the periodic payment between long and short positions in a perpetual futures contract to keep its price close to the value of the underlying asset. This reflects the balance of buying and selling pressures in the market.

Read more: Iron Resistance Against BONK Coin Needs to Be Overcome Before Aiming for an All-Time High

BONK financing rate.
BONK financing rate. Source: Quinglass

A negative funding ratio indicates that short contracts dominate the market, while long contracts indicate that positive contracts take precedence. This is the case with BONK, which can also counter the downsides of falling open interest.

BONC Price Prediction: Sideways is the new uptrend

BONK price, which is trading at $0.00003783, is slightly above the major resistance at $0.00003769. This is the closing price of the previous 2024 high, when BONK reached $0.00004800 during daily trading hours.

However, it is unlikely to close above this resistance. Second, the above factors may reduce market upside, which could lead to consolidation. BONK could see a sideways movement between $0.00003769 and $0.00002811.

Learn more: Airdrop: Is it a free distribution of digital currencies? How did you get it?

Bonk price analysis.
Bonk price analysis. Source: Commercial view

On the other hand, if one of the limits is crossed, the neutral and bearish thesis is invalidated. A breakout could push BONK price to $0.00004500 and above, while a breakdown could see the meme coin fall to $0.00002200.

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