The memecoin’s fundamentals suggested a further decline below $0.0000200 before another uptrend.However, the last 24 hours have seen a significant market correction. In fact, at press time, BONK was trading at $0.00002082.
This price movement indicated buyers were not strong enough to push the prices above this level, as sellers were defending it.As such, AMBCrypto’s look at Market Prophit suggested that the current crowd sentiment was negative at press time. The question is, could this pullback see BONK drop below $0.00002000 or the retrace is a mere correction before a strong upswing?AMBcrypto’s analysis showed that the press time market conditions could set BONK for further declines before attempting another uptrend.For example, BONK’s Relative Strength Index declined over the past five days from a high of 74 to 51 at press time.
This decline suggested that investors were closing their positions while there were no new investors entering the market. This indicated investors’ lack of confidence in the current direction.This phenomenon is further supported by a sustained decline in Futures open interest over the past 5 days. BONK’s Futures Open Interest has declined from $13.59 million to $10.91 million.
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