BONK price is receiving minimal support from investors and the broader market, even as other altcoins rise. The once very popular meme token is stuck in consolidation. BONK has reached a point where it needs a powerful push to accelerate and break through. Meanwhile, 5thScape stands out as an Immersive Virtual Reality Platform. This comprehensive guide delves into the purpose, vision, and intricacies of 5thScape, the revolutionary online VR games platform reshaping the landscape of immersive gaming experiences.
BONK Investors are losing hope
The price of BONK memecoin generally follows general market trends. The lack of optimism in the market, combined with investor skepticism, becomes a problem for coin owners, as can be seen in the asset’s funding rate. This mechanism in derivatives markets ensures a balance between long and short positions. Positive values indicate dominance of long contracts, while negative values indicate dominance of short contracts.
In the case of BONK, despite the positive funding rate, it is almost zero after recovering from negative territory last week. This means investors are not betting on the price to rise as much as expected, likely due to a lack of bullish sentiment in the market.
Financing rate. Source: Coinglass
The Average Directional Index (ADX), which determines the strength of the trend, has been declining since mid-April. When the price began to rise on April 20, ADX began to fall, although it was above 25.0. In theory, values above 25.0 indicate that the trend is gaining strength. A decline in the index during a price rally suggests that the asset did not have market support to complete a bullish breakout from consolidation, and this state of affairs may continue.
BONK Price Forecast
BONK is now trading above the support at $0.00002153 after unsuccessful attempts to break through the resistance at $0.00002840. These price levels were the boundaries of consolidation for almost a month.
coinmarketcap
The memecoin managed to break through the support level. Despite the recovery, BONK is set for a repeated decline rather than a bullish breakout from consolidation. However, a break above $0.00002840 will refute the bearish-neutral scenario and could lead to a rally to $0.00003000 and above.
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