Flow

when

Optimism

The asset’s value plummeted as investors dumped BONK.
A further decline in memcoin value could result from heightened investor scepticism caused by mounting selling pressure on BONK.
Optimism among investors dominates After plunging 40% in two weeks, the BONK price has been in a downturn for the last 18 days as a result of a lack of recovery momentum. This is supported by the Chaikin Money Flow (CMF) indicator. This metric tracks the inflow and outflow of funds into and from an asset using the blockchain. Market participants rely on it to gauge the trajectory and intensity of a trend.
The asset is under a great deal of pressure due to the fact that the indicator shows a substantial rise in capital outflow for BONK. At its current peak, this trend suggests extreme pessimism and a lack of faith among investors, both of which might lead to a sell-off of tokens.
Another market-down signal came this week when the funding rate went negative. This system ensures that the perpetual futures market remains balanced between long and short positions. As long as the value is positive, it means that the contract price is higher than the spot price, which means that long contracts are dominant. More and more investors are purchasing the coin with the hope of making a profit when its value rises.
At the same time, a negative funding rate indicates that most market participants expect the price of BONK to decline. When this indicator goes negative, it shows that people are generally pessimistic about the market and think that prices are too unstable where they are right now.
Also see: The secret to making millions trading memcoins.
Expectation for BONK: a decline The crucial support level of $0.00002153 has already been broken by the coin’s current price. If the price drop keeps up, altcoin will only have a single opportunity to recover from its current low of $0.00001941.
If BONK drops below this level, it might lose a lot of value and drop to $0.00001375.
With any luck, the price will attempt to recoup its losses and use the $0.00002122 level as support if the rebound takes place. This is going to set the stage for a bounce back in BONK.

Bearish pressure on the price of BONK is growing, which is a problem.

Blocksays

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