Crash

Arthur

<img decoding="async" width="1280" height="720" src="https://coingape.com/wp-content/uploads/2024/06/bonk_11zon.png" class="attachment-full size-full wp-post-image" alt="bonk price" style="float:right; margin:0 0 10px 10px;" srcset="https://coingape.com/wp-content/uploads/2024/06/bonk_11zon.png 1280w, https://coingape.com/wp-content/uploads/2024/06/bonk_11zon-300x169.png 300w, https://coingape.com/wp-content/uploads/2024/06/bonk_11zon-1224x689.png 1224w, https://coingape.com/wp-content/uploads/2024/06/bonk_11zon-768x432.png 768w, https://coingape.com/wp-content/uploads/2024/06/bonk_11zon-678x381.png 678w, https://coingape.com/wp-content/uploads/2024/06/bonk_11zon-150x84.png 150w" sizes="(max-width: 1280px) 100vw, 1280px">
BONK price recorded an 8% jump on Tuesday, witnessing a short relief rally from a recent market sell-off. A sudden surge in buying pressure followed Bitcoin’s sustainability above $50000, while the total crypto market surged 8.7% to hit $1.95 Trillion. However, most of the major altcoins are far from the bottom as bearish market sentiment and recession fear persist among traders. 
Also Read: <a href="https://coingape.com/crypto-market-recovery-steep-correction/">Crypto Market Recovers As Japan’s Nikkei Stock Index Rises 12%</a> 
<h2 id="b-bonk-price-teeters-at-major-support-b">BONK Price Teeters at Major Support</h2> 
In the last three weeks, <a href="https://coingape.com/price/bonk/">BONK price</a> has faced intense selling pressure, evident from a sequence of red candles on the daily chart. The bearish turnaround plunged the asset from $0.000035 to a low of $0.000015 on Monday, registering a 54% loss. 
Mirroring recent price corrections, the BONK coin has experienced a notable decrease in open interest since late July. According to Coinglass, the OI data fell sharply from $13 million to $5.7 million, accounting for a 55% loss. This decline highlights a potential drop in market liquidity and investor commitment to BONK. 
<figure id="attachment_211185" aria-describedby="caption-attachment-211185" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-211185" src="https://coingape.com/wp-content/uploads/2024/08/image_2024-08-06_16-12-02.png" alt="BONK Futures Open Interest" width="1549" height="445" srcset="https://coingape.com/wp-content/uploads/2024/08/image_2024-08-06_16-12-02.png 1549w, https://coingape.com/wp-content/uploads/2024/08/image_2024-08-06_16-12-02-300x86.png 300w, https://coingape.com/wp-content/uploads/2024/08/image_2024-08-06_16-12-02-1224x352.png 1224w, https://coingape.com/wp-content/uploads/2024/08/image_2024-08-06_16-12-02-768x221.png 768w, https://coingape.com/wp-content/uploads/2024/08/image_2024-08-06_16-12-02-1536x441.png 1536w, https://coingape.com/wp-content/uploads/2024/08/image_2024-08-06_16-12-02-150x43.png 150w" sizes="(max-width: 1549px) 100vw, 1549px">
 <figcaption id="caption-attachment-211185" class="wp-caption-text">
 BONK Futures Open Interest | Coinglass
 </figcaption>
</figure> 
The BONK price reverted to $0.0000196 in today’s market uptick, seeking sustainability above the channel pattern’s support trendline. The daily time frame chart shows the Solana-based <a href="https://coingape.com/meme-coin/">meme coin</a> riding a steady recovery trend since February 2024, resonating with two parallel trendlines. 
However, the derivative market data reveals a negative (OI)-Weighted Funding Rate of -0.028, indicating that short sellers are paying to maintain their positions, which implies their expectation of further price declines. 
Also Read: <a href="https://coingape.com/arthur-hayes-issues-dire-warning-on-second-wave-of-market-crash/">Arthur Hayes Issues Dire Warning On Another Stock &amp; Crypto Market Crash</a> 
<figure id="attachment_211188" aria-describedby="caption-attachment-211188" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-211188" src="https://coingape.com/wp-content/uploads/2024/08/image_2024-08-06_16-11-40.png" alt="BONK OI-Weighted Funding Rate" width="1561" height="441" srcset="https://coingape.com/wp-content/uploads/2024/08/image_2024-08-06_16-11-40.png 1561w, https://coingape.com/wp-content/uploads/2024/08/image_2024-08-06_16-11-40-300x85.png 300w, https://coingape.com/wp-content/uploads/2024/08/image_2024-08-06_16-11-40-1224x346.png 1224w, https://coingape.com/wp-content/uploads/2024/08/image_2024-08-06_16-11-40-768x217.png 768w, https://coingape.com/wp-content/uploads/2024/08/image_2024-08-06_16-11-40-1536x434.png 1536w, https://coingape.com/wp-content/uploads/2024/08/image_2024-08-06_16-11-40-150x42.png 150w" sizes="(max-width: 1561px) 100vw, 1561px">
 <figcaption id="caption-attachment-211188" class="wp-caption-text">
 BONK OI-Weighted Funding Rate | Coinglass
 </figcaption>
</figure> 
Additionally, the Average Directional Index (ADX) has surged to 19%, indicating that sellers are emerging as the dominant force in the current market. 
Therefore, a potential breakdown below the support trendline will further strengthen the selling grip and drive a 28% fall to test $0.000012 support. 
<figure style="width: 100%" class="wp-caption alignnone">
 <img decoding="async" src="https://s3.tradingview.com/snapshots/8/8IvgURVw.png" alt="BONK Price" width="1946" height="893">
 <figcaption class="wp-caption-text">
 BONK/USDT – 1d Chart
 </figcaption>
</figure> 
On the contrary, if the BONK price manages to sustain above the lower trendline, the buyers could develop a reversal pattern to invalidate the bearish thesis. A potential rebound could uplift the asset by over 30% to target $0.0000266. 
The post <a href="https://coingape.com/markets/bonk-price-at-losing-180-day-support-seek-discount/">BONK Price at Risk of Losing 180-Day Support as Traders Seek More Discount</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

BONK Price at Risk of Losing 180-Day Support as Traders Seek More Discount

Table of Contents

Coingape News Media

Other articles published on Aug 6, 2024

CoinShares revenue surges 110% in Q2, driven by FTX claim sale

Crypto market crash: Analysts predict a bull run similar to post-Covid

MetalSwap <> Chainlink Paper 3 - Anti MEV Strategy

The Fed Faces Rate Cut Dilemmas

What Really Caused Bitcoin, Ethereum To Crash? Analyst Has Answers

Pennsylvania Professor Jeremy Siegel Urges Immediate 0.75% Rate Cut Amid Global Market Crash

Join our free newsletter for daily crypto updates!