BONK (BONK) Price Drops by 8.67%

Jakarta, Pintu News – In the past 24 hours, Bonk (BONK) has experienced a significant decline of 8.67%, deepening its weekly loss. Although the monthly performance shows a price increase of 41%, recent analysis shows that BONK’s decline is not over yet. Several bearish indicators point to further downside potential, although there is one bullish factor still standing.

Several demand zones are located within the price chart, often serving as price jump points. One major zone is detected between $0.00001546 and $0.00001405, where there is usually a large accumulation of buy orders. If this zone manages to trigger buyer interest, there is a chance that the price will rise. However, if this zone is unable to arrest the decline, BONK may continue to drop to lower levels such as $0.00001178, $0.00001043, and $0.00000888, each of which could serve as support if the decline continues.

The current market momentum shows a strong bearish tendency towards BONK, which could cause the price to fall from the demand zone. One important metric, the Buy/Sell Taker Ratio, shows that 54.18% of traders opt for short positions, while only 45.82% hold long positions.

This ratio, which stands at 0.8457, indicates that the market sentiment is trending towards sellers. Liquidation data shows that $1,990 worth of short positions have been forcibly closed, while $205,000 worth of long positions have been liquidated, indicating that the market is currently very bearish.

Despite the bearish indications, BONK still has a chance of not falling below the demand zone thanks to the buying activity in the spot market. Currently, BONK records daily spot market purchases of $2.55 million, with total weekly purchases reaching $18.63 million. This is the highest weekly buying amount recorded between January 27 and February 3. If this buying activity continues, especially as BONK enters the demand zone, the asset may experience a stronger bullish impulse that could push the price up.

In conclusion, despite facing significant bearish pressure, BONK still has a chance for a rebound if spot buying continues and the demand zone serves as effective support. Investors and traders should monitor these indicators to make informed decisions in the face of current market volatility.

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