- Traders on OKX showed a bullish sentiment towards BONK by opening buy contracts, reflecting a common market sentiment.
- If the current bullish sentiment continues, a significant rally could be seen in BONK, although there are still bearish indicators present.
Over the past 24 hours, the bullish sentiment surrounding Bonk [BONK] has become more prominent, with a 7.37% rally pushing its value to $0.00001851.
This rally follows a series of market downturns, with a 28.79% loss in the last week and a 46.55% decrease in the past month.
Analysis suggests that the current bullish wave could potentially erase all losses recorded in the market over the past month, allowing BONK to regain its position.
Shift towards Bearish Sentiment
There has been a notable increase in buying interest among derivative traders, particularly on OKX, where traders have been leading the buying activity.
The Long/Short Ratio, which compares long contracts (buyers) to short contracts (sellers), has crossed above 1, indicating a higher number of buyers in the market.
Coinglass’ Long/Short Ratio shows that OKX traders are more bullish, with a reading of 1.91, contributing to an overall bullish market ratio of 1.0396.
The Open Interest Weighted Funding Rate, a combination of Funding Rate and Open Interest, has turned positive at 0.0051%, marking a shift from a prolonged bearish period.
This change suggests that long contracts now hold more value with a higher number of long traders in the market.
Source: Coinglass
AMBCrypto’s analysis indicates a potential major market rally on the horizon for BONK.
Emergence of Bullish Formation
Chart analysis of BONK reveals a bullish formation, with the asset currently trading within a descending price channel, moving up and down within defined channels while trending downwards.
The channel aligns with two key support levels at $0.00001862 and $0.00001582. If the current support at $0.00001862 holds, BONK could potentially achieve a 192% gain, reaching $0.00005444.
Source: TradingView
Any change in sentiment leading to a drop in BONK’s price would likely see a return to the lower support level at 0.00001582, triggering a potential rebound. Otherwise, further price decline could occur.
Continuation of Downtrend?
Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) have shown bearish signals, indicating a potential downward movement in BONK’s price.
The MACD, which utilizes long-term and short-term moving averages, demonstrates a bearish trend as both the blue MACD line and the signal line move downward in the negative region.
This suggests a possible further decline in BONK’s price, possibly towards the lower support level at 0.00001582.
Source: TradingView
Read Bonk’s [BONK] Price Prediction 2025-26
On the contrary, the RSI has entered the oversold region below 30, with a current reading of 29.55, indicating potential exhaustion among sellers and a likely rebound in the near future.
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