- Technical patterns suggest BONK might just be on a rollercoaster ride to the bottom. 🎢
- Long liquidations are soaring like my hopes for a sunny day in London. ☔️
So, BONK has been on a bit of a downward spiral for the past month. In the last week alone, it’s dropped a staggering 10.45%. And just when you thought it couldn’t get worse, it lost another 2.03% in the last 24 hours. Talk about a dramatic exit! 🎭
According to AMBCrypto (who sounds like they know what they’re talking about), we might be in for an even steeper fall as traders hunt for the best bargain to jump back in. Because who doesn’t love a good discount, right? 🛒
A technical path on a declining trajectory
On the charts, BONK is doing its best impression of a sad face, trading within a descending channel with lower highs and lower lows. It’s like watching a soap opera where the main character just keeps getting dumped. 💔
Recently, BONK hit the resistance line and decided to take a nosedive, likely heading down to the support level. Experts predict a potential loss of 27.20%. Ouch! 😬
Why is this happening? Well, investors are probably pushing the price down, hoping to snag a bargain. It’s like waiting for the last slice of pizza to go on sale. 🍕
But who knows? Maybe this will lead to a rebound. Or maybe it’ll just be a sad story of missed opportunities. 📉
Will the fall happen?
Chances are, BONK is likely to drop further. The market sentiment is as gloomy as a rainy Monday morning. ☔️
One key indicator is the liquidation data, which shows how much traders are losing. Right now, we’re looking at $438,000 in long liquidations versus a measly $6,400 in short liquidations. For every dollar lost on long contracts, only $0.0146 was lost on shorts. It’s like a bad game of Monopoly where everyone’s losing but one player. 🎲
This major disparity suggests the market is heavily leaning towards shorts, which means prices are likely to keep falling. Hold onto your hats! 🎩
The OI-Weighted Funding Rate, which sounds super fancy, indicates that a massive selling wave is still in play. Right now, it’s sitting at a delightful -0.0152. This is the kind of reading that usually screams “run for the hills!” 🏃♂️
More bearish signals surface
The bearish trend is as strong as my coffee on a Monday morning. Two technical indicators—the Parabolic SAR and Bull Bear Power—are waving red flags like they’re at a football match. 🚩
The Parabolic SAR is showing downward pressure, which means BONK could be in for more trouble. It’s like watching a car crash in slow motion. 🚗💥
Similarly, the Bull Bear Power is confirming that sellers are in control. The bears are having a field day, and if this keeps up, BONK is likely to keep trending lower. It’s a bear party, and everyone’s invited! 🐻🎉
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2025-03-31 05:15