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The last quarter of the previous year was like a dream for BONK, as the emergence of Solana’s SAGA sparked incredible interest in meme coins. Consequently, the price of Bonk (BONK) saw an unpredictable rise. However, following this period, the general market downturn also hit BONK, and a decrease in interest in meme coins was observed. Nevertheless, it would not be incorrect to say that the meme coin has performed better than many of its competitors in the market.
BONK Commentary
Despite the price movements, according to data provided by CoinMarketCap, BONK meme coin is strengthening its position as one of the market leaders behind DOGE and SHIB, although its price has fallen by 10.30% in the last 24 hours. On the other hand, the trading volume of the meme coin also saw a noticeable decrease of 45.24%, dropping to $121.65 million at the time of writing.
This decrease in price was observed after a slight rise earlier in the year and then again in recent days.
Since the approval of the Spot Bitcoin ETF on January 11, efforts have been made to maintain a strong appearance in terms of BONK’s price, but these were not very successful. Since that day, BONK’s price has shown a decrease of 24.85% over time. The price trend has created multiple lower peaks and troughs.
BONK Price Review
In the 4-hour chart of the meme coin, the RSI value has retreated from a level of 68.30, which is on the brink of overbought territory, to 52.95 in the neutral zone, indicating how much stronger the selling pressure might have become.
Furthermore, the decrease in RSI suggests a weakening upward price momentum and a potential increase in selling pressure. Additionally, the Chaikin Money Flow (CMF) value for BONK has also dropped from 0.22 to 0.03.
Interpreting the drop in the CMF indicator, it indicates a decrease in the strength of liquidity inflows into BONK. Considering all these factors, it was clear that there was a noticeable weakening in buying pressure as of the time of writing.
Lastly, regarding the situation of investors, it was understood that the proportion of investors with a bearish outlook on BONK’s price had risen to 52.6% at the time of writing. This increase in short positions could be interpreted as an indication that the view of BONK’s price potentially continuing to fall is growing among investors.
