BONK Price: Bearish Trends Suggest Further Declines

BONK Price Prediction: Bearish Trends and Investor Pessimism

BONK Investors Choosing the Dark Side

As indicated by the Average Directional Index (ADX), the downward trend in BONK price is gaining momentum, with the indicator surpassing the critical threshold of 25.0. This suggests that the bearish trend is likely to persist, leading to further price declines.

With rising ADX values, selling pressure is expected to increase, reinforcing the negative sentiment surrounding Chinese banks in the short term.

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Moreover, the significantly negative financing rates indicate that investors are increasingly betting on a further decline in BONK prices. This negative sentiment is also reflected in market positioning, with short positions dominating the market.

The combination of strengthening downside trends and negative funding ratios is fueling bearish sentiment among bank investors, potentially leading to continued downward pressure on BONK prices.

BONK Price Prediction: No Breakout Yet

Despite the potential for a rebound if support at $0.00001732 holds, BONK prices are likely to remain under pressure as broader market signals do not support a recovery. Mimcoin’s current trading price of 0.00001759 has seen a 23% decline over the past 10 days and may soon test critical support at 0.00001732.

If Mimcoin drops below 0.00001375, it could trigger significant selling pressure and further price declines.

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Although a potential recovery could occur if BONK manages to break through resistance at 0.00002748, the road to such a breakthrough may be challenging. Even if BONK surpasses $0.00002153, bearish sentiments in the market could still prevail.