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BONK Price Forecast: Consolidation ahead as optimism wanes

BONK coin price is facing minimal market and investor support, even as other altcoins are rising.

The meme coin stuck in consolidation has reached a point where it needs a massive boost to break through.

BONK investors are losing hope

The BONK token price largely follows broader market signals, and the lack of optimism, combined with investor skepticism, has become a problem. A problem for BONK holders. The latter is evident in the asset financing rate.

The funding rate is a mechanism used in perpetual futures contracts to balance the market between long and short positions. Shows the direction traders are moving towards. Positive values ​​indicate the dominance of long contracts, while negative values ​​indicate that short contracts take priority.

In the case of the BONK token, although positive, the funding rate is close to zero after recovering from negative last week. This means that investors are not betting on prices to rise as sharply as expected, likely due to the lack of an uptrend in the market.

BONK financing rate.
BONK financing rate. Source: Quinglass

This can be seen in the average directional index (ADX), which has been falling since mid-April. This indicator allows you to determine the strength of a trend, whether bullish or bearish.

with BONK Coin Price Rises On April 20, the ADX began to decline despite surpassing 25.0. This is the strength threshold, and an indicator above 25.0 indicates that the trend is strengthening.

Read more: Bonk Airdrop Eligibility: Who Can Claim and How?

Bonk ADX.
Bonk ADX. Source: Commercial view

Thus, a decline during a recovery is evidence that BONK did not have the market support to complete the consolidation breakout, and this may remain the case.

BONK Price Prediction: See Below

BONK coin price traded $0.00002320 above the support level of $0.00002153 after failing to breach the resistance at $0.00002840. These price levels have been the consolidation limits for about a month now.

Although the meme coin failed in its escape attempts, it successfully collapsed under support. Despite the recovery, BONK is closer to a repeat of the decline than to an exit from consolidation.

Learn more: Solana network meme coins generate huge profits. So what is it ?

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

Therefore, holders should expect... BONK Same thing in the future.

However, a break above $0.00002840 would invalidate the neutral bearish thesis, which could lead to a rally to $0.00003000 and beyond.

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