Bitcoin (BTC) price continues to hover at $69,620 after US markets opened. This may continue until Wednesday. Investors are focused on news from the Fed with Wednesday’s inflation data as a breaking point. So, what does the current outlook indicate for BONK Coin? Will a decline start?
BONK Coin Commentary
The next 2 days are critically important for a significant portion of altcoins. We might see speculative fluctuations in the markets with high-volume sales. In the medium and long term, as the European Central Bank has started to lower rates, a bullish period may occur since the Fed is unlikely to move in the opposite direction.
Regarding BONK Coin, we see that investor optimism is starting to fade. The macroeconomic concerns affecting BTC price have also reflected on BONK Coin investors.
The metric measuring investor sentiment highlights the potential for a price drop as skepticism increases. Investor anxiety can also be confirmed by the funding rate in futures trading. Although the rate reflecting the appetite for active futures contracts remains in the positive zone, it continues to decline. We may soon see days when short sellers become dominant.
BONK Coin Price Prediction
The $0,00002748 level is a key area for BONK Coin. This level, which has previously acted as both support and resistance, currently supports the bulls with closures above it. However, if this critical price region is lost, we could see the popular meme coin drop to $0,00002153.
Since SOL Coin has made closures below the key $160 and $162 levels, it is not surprising that one of the most important meme coins in its ecosystem is showing weak performance. This is also a result of the overall relaxation in the Solana ecosystem. Although some newly launched altcoins have seen a recovery in DEX volumes on the Solana network, their counterparts traded on major exchanges like Binance are experiencing a loss of interest.
Considering all the details discussed above, we may soon see BONK Coin testing the base at $0,000020. A bounce from this relatively stronger support level is possible. If we see a consolidation, it is likely that the bulls will remain strong here.
However, if there is a general market improvement and interest rises again, we might witness a new attempt towards $0,0003.
