BONK Price Prediction: Can Bulls Reclaim Their Strength?

$BONK, a Solana-based memecoin, recently consolidated within a falling wedge pattern. $BONK price underwent a severe reversal from the supply zone of the $0.00004200 mark.

It has corrected over 60% in the last three months and conveyed a significant bearish trend.

The token has lost over half its value from the 52-week high. It has continued to form the lower lows and struggled at the crucial pivot of $0.00001600.

The token displayed a losing streak this week with over 15% price decline. Notably, the memecoin price sailed below the 200-day EMA mark and struggled to attain a bullish reversal.

$BONK Partnered with Baseball United

Baseball United has announced that Bonk ($BONK) is the presenting partner for the next baseball season, 2024-25. This partnership aims to break the barriers between sports and digital currency,

This endorsement could take the league and the crypto asset to a different level of recognition.

$BONK Price Action Analysis

For the past three months, the memecoin has been unable to hold momentum and traded under bearish influence. A bearish crossover was noted, and the token fell below the key moving averages.

Going forward, the token reached the edge of its demand zone around $0.00001500. Until the memecoin held the mark, the further selloff could not hit the bulls.

However, if it breaches, the next bearish leg would settle around the $0.00001300 mark in the short term.

When writing, the $BONK token traded at $0.00001752 with an intraday drop of 5.20%, reflecting bearishness on the charts.

With a market cap of $726.93 Million, the memecoin secured the 54th rank and had a total supply of 99.19 trillion.

Have On-Chain Metrics Stayed Bearish or Turned Bullish?

Despite the price drop of over 5% intraday, the price volatility line declined. It noted lower selling pressure with a lack of volume participation. That might be a sign of bottoming out, and the memecoin may find support here.

Amid the price decline, the investors have maintained low conviction for $BONK, as the curve is below the zero line. It meant a negative sentiment for the memecoin.

The lack of follow-up on the upside hinted at a lack of conviction from buyers and a potential pullback to bottom support.

During last week’s market recovery in most crypto altcoins, $BONK bulls tried to gain momentum. However, they failed to bisect the 200-day EMA barrier and capped the downside.

The Funding Rate Looks Negative

The Bonk memecoin’s funding rate was at -0.0120% at press time. Generally, a negative funding rate value means most traders are taking short positions, a sign of a bearish trend.

Funding Rate Data | Source: Coinglass

Furthermore, the futures Open Interest (OI) depicts fresh short additions activity, as the OI spiked over 7% to $6.56 Million in the past 24 hours.

If the bearish trend continues, the memecoin might face challenges crossing the 200-day EMA mark near $0.00002000. It could gain further ahead.

The prompt resistance was placed around $0.00001860, followed by $0.00002100.

At the same time, the immediate support zone was near $0.00001650, followed by the $0.00001580 mark.