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The BONK meme faces a 50% downside risk for these reasons

The Ponk coin failed to cross the major resistance trendline, which would have caused the meme coin to escape lower. However, since the BONK's descending corner is stuck there, this requires another removal.

This sentiment is also shared by investors who place short bets on MIM coin.

Bank funding rate falls again

At the time of writing, it was Bonk Price Above an important support line at $0.00002153. This level has been tested several times in the past, but this time the meme coin could fall below it.

One of the main reasons behind this possibility is the downward trend observed among BONK holders. These investors took a step back and, at the same time, traders began placing short bets in the futures market. This is evident from the funding rate which fell to -0.0215%.

Funding rate These are periodic fees exchanged between long and short traders in perpetual futures contracts to keep the contract price in line with that of the spot market. Negative rates indicate that sales contracts dominate the market, while positive rates indicate a much greater presence of sales contracts.

In the case of BONK, it is the first who can influence the market.

Bank financing rate.
Bank financing rate. Source: Quinglass

Broader market signals aren't particularly optimistic either. Otherwise, investors would have faced a decline. The Relative Strength Index (RSI), for example, is currently below the neutral line of 50.0.

The Relative Strength Index (RSI) is a momentum oscillator that measures the speed and variability of price movements. Indicates overbought or oversold conditions for an asset. From current data, BONK is not overbought So far, it's been synonymous with covers.

Read more: 3 major meme currencies to follow

Good RSI.
Currency BOC and RSI. Source: Commercial view

BONK Price Forecast Now

You can see the price chart of BONK in which the price is moving inside a descending wedge. Falling corner Finally a breakout to the upside. However, before that happens, the next step is another retreat.

In fact, BONK could see a 57% decline to test the wedge's lower trendline, breaking below the $0.00001K support.

Learn more: The most important news that will affect the crypto market in May

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

However, this ensures that BONK price will break through the support lines at $0.00002153 and $0.00001392. A rebound in either of the two could invalidate the bearish thesis and allow Bonk to start recovering.

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