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.
Read More: 7 Hot Meme Coins and Altcoins that are Trending in 2024
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.
Read More: How to Buy Solana Meme Coins: A Step-By-Step Guide
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.
The post BONK Price Returns to Consolidation Amid Growing Optimism appeared first on BeInCrypto.
