The leading cryptocurrency hovered above $61,380 for most of Sunday, maintaining this level at the time of writing. Nevertheless, it hasn’t achieved a secure position yet, with analysts emphasizing the crucial $62,500 mark for solid closures. Amid these dynamics, the BONK Coin, having undergone a 51% decline, is being closely observed for its next trajectory.
Market Uncertainty for BONK Coin
Over the past few weeks, the price of BONK Coin, along with other altcoins, has plummeted to a two-month low, mirroring levels last seen at the end of 2023. This downward trend suggests that BONK Coin might trade sideways in the coming days, as investors remain skeptical despite the market’s upward inclination.
What Do MACD and Funding Rates Indicate?
The Moving Average Convergence Divergence (MACD) indicator signals a potential price increase via a bullish crossover. However, the funding rate in futures for BONK Coin has been on a decline, oscillating between negative and positive. This fluctuation indicates investor indecision, with a negative funding rate suggesting dominance by short sellers, while a positive rate points to long positions expecting a rise.
This contradiction between the MACD and the funding rate suggests that the sideways trend may persist for a while. Currently, BTC‘s stability at $61,700 is seen as favorable for bullish investors, supported by a strengthening buyer wall around $60,000.
BONK Coin Price Prediction
Throughout June, BONK Coin has suffered a total loss of 51%, translating to a $100 investment now being worth just $50. The coin, priced at $0.0000221 after a minor recovery from $0.0000195, may attract more buyers if BTC aims for higher peaks.
What Should Investors Consider Next?
– BONK Coin might fluctuate between $0.00002748 and $0.00002212 in the coming days.
– Investors in futures may seek gains with high leverage within this wide range.
– Strengthening interest in futures could lead to a notable breakout in either direction.
– A price target of $0.000030 could be reached in an upward scenario, while a drop to $0.0000137 is possible in the opposite scenario.
In conclusion, BONK Coin’s future remains uncertain with potential for significant movements depending on market conditions and investor sentiment. The interplay between MACD signals and funding rates will be critical in predicting its next move.
