BONK Traders Change Positions as Price Aims to Reclaim $0.000025
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Bonk (BONK) experienced a significant price drop to $0.000015 on August 5, causing a decrease in leveraged positions. However, futures traders quickly shifted to bullish positions as the Funding Rate turned positive, indicating market optimism. This shift suggests traders expect prices to rise, with the current price at $0.000021.
The Weighted Sentiment around Bonk has also shifted from negative to positive, indicating a rise in optimistic market discussions. This change supports the bullish stance among traders, reflecting broader market sentiment.
A cup and handle pattern has formed on the daily chart, a bullish continuation pattern that suggests the price may climb to $0.000025 if buying pressure remains strong. The Relative Strength Index (RSI) still needs to confirm this by crossing its neutral line.
If these conditions are met, Bonk could see a further rise towards $0.000029. Conversely, failure to surpass the RSI midpoint could leave the token trading between $0.000019 and $0.000021.
Source: beincrypto.com ↗
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