The leading cryptocurrency spent most of Sunday above $61,380 and remains so at the time of writing. However, it has not yet reached a safe zone. Analysts highlight the key point of $62,500, and we need to see strong closures above this level. So, what will be the next move for BONK Coin, which has seen a 51% drop?
BONK Coin
In the past few weeks, like many altcoins, the BONK Coin price has reached a two-month low. Some cryptocurrencies have fallen to levels seen at the end of 2023. BONK Coin may trade sideways for a while in the coming days. Investors are not yet convinced as the market turns to an upward trend.
The MACD gives a price increase signal with a bullish crossover. Despite this, the funding rate in futures for BONK Coin is decreasing. The rate fluctuating between negative and positive reflects investor indecision. If the funding rate is negative, we consider that those expecting a decline, i.e., short sellers, are dominant. In the opposite scenario, long positions are dominant, and investors are believed to expect a rise.
The contradiction between the MACD and the funding rate likely indicates a continuation of the sideways trend for a while. The fact that BTC is lingering at $61,700 for now is positive for the bulls, and we wrote hours ago that the buyer wall around $60,000 is strengthening.
BONK Coin Price Prediction
The total loss experienced throughout June has reached 51%. That means an investor who bought $100 worth of BONK Coin now has $50. The price, lingering at $0.0000221, was trading at $0.0000195 before seeing a slight recovery. If BTC aims for higher peaks, buyers here may also become more eager.
Considering the skewed outlook, in the coming days, the BONK Coin price is likely to fluctuate between $0.00002748 and $0.00002212. This relatively wide range may lead investors in futures to seek gains with high leverage. If interest in futures strengthens in this way, a breakout in either direction will be expected.
In the upward scenario, the price moving towards the two extremes could reach a target of $0.000030, invalidating this bearish outlook. However, in the opposite scenario, we could see a drop to $0.0000137.
