BONK Price Returns to Consolidation Amid Growing Optimism

06/30/2024 23:30

BONK's price is likely to consolidate moving forward, as investor uncertainty and bullish market signals are balancing each other out.

BONK price has noted a substantial decline over the past couple of weeks, bringing the altcoin down to a two-month low.

The mixed signals arising from the broader market cues and investors’ skepticism highlight a different path.

BONK Investors Stand Unsure

BONK price could be noting sideways momentum in the coming weeks because the market is bullish but investors are bearish. The Moving Average Convergence Divergence (MACD) recently experienced a bullish crossover. This is the first such occurrence since the beginning of June.

This technical indicator suggests a potential shift in momentum, which could signal an upcoming upward trend for the cryptocurrency.

However, despite the bullish MACD signal, BONK’s funding rate continues to dwindle. The shift between negative and positive rates indicates that investors remain uncertain about the coin’s future direction, which shows a lack of confidence in sustained positive performance.

The conflicting signals between the MACD crossover and the falling funding rate highlight the cautious sentiment prevailing among BONK investors. While technical indicators might suggest potential gains, the overall market sentiment appears hesitant.

As a result, BONK’s price might witness a sideways momentum building up.

BONK Price Prediction: Sideways Ahead

BONK price fell by 51% throughout June falling to trade at $0.00001950 before recovering slightly, hovering above $0.00002212. In doing so the altcoin spooked the investors who have since been switching sides between bearish and bullish.

However, considering the mixed signals, it appears that BONK will most likely consolidate in the coming days. The range could be $0.00002748 and $0.00002212.

BONK Price Analysis. Source: TradingView

Breaching either of the limits would invalidate the bearish-neutral thesis and result in either a rise to $0.00003000 or a drop to $0.00001375.

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Aaryamann Shrivastava is a technical and on-chain analyst at BeInCrypto, where he specializes in market reports on cryptocurrencies from diverse sectors, including Telegram Apps, liquid staking, Layer 1s, meme coins, artificial intelligence (AI), metaverse, internet of things (IoT), Ethereum ecosystem, and Bitcoin. Previously, he conducted market analysis and technical assessments of various altcoins at FXStreet and AMBCrypto, covering all aspects of the crypto industry, including...

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