Meme Coin Investors Lose Hope in BONK

2024-6-17 21:30

Meme coin BONK’s price is on the path to recovery owing to increasing investor pessimism.

Indeed, this notion is based on a contrarian investing strategy, which involves going against the crowd.

Hope Fades for Meme Coin Investors

BONK’s price decline has made investors increasingly pessimistic about its profit potential. Their sentiment reflects a lack of confidence in the coin’s future performance, and this shift in outlook is becoming more apparent.

Indeed, this change in behavior is evident in the weighted sentiment of the asset, marking a significant change from their previous optimism.

BONK Weighted Sentiment. Source: Santiment

Another clear indicator of this shift is the funding rate. It reflects the cost of holding long positions and shows signs of investors’ bearish sentiment. A positive funding rate indicates that long contracts dominate the market, while negative funding rates hint at larger short contracts.

In the case of BONK, the funding rate fluctuates consistently from positive to negative.

Read More: How to Buy Solana Meme Coins: A Step-By-Step Guide

BONK Open Interest. Source: Coinglass BONK Price Prediction: Extending Decline

Analysts at blockchain analytics firm Santiment noted the current market sentiment. They observe heightened fear among investors. But if panic selling continues, this fear could lead to a temporary bounce and a buying opportunity.

“Spikes in mentions of selling or taking profit are common after a drop, and a temporary bounce and buy opportunity may form if we see continued FUD and panic from small traders,” Santiment explained.

BONK price trading at $0.00002519 has already dropped by more than 40% on the daily chart in the last two weeks. This has led to the meme coin falling from $0.00004114 to market price. The area between $0.00002748 and $0.00002153 has been tested as consolidation in the past, which is a critical area of support.

If the BONK price manages to rebound and breach $0.00002748, it could reinitiate its recovery toward $0.00003000.

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

BONK Price Analysis. Source: TradingView

However, if the support floor of $0.00002153 is lost, the meme coin could witness a drop below $0.00002000, sending BONK to a two-month low.

The post Meme Coin Investors Lose Hope in BONK appeared first on BeInCrypto.

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