The BONK coin based on the Solana network 🦴📉 is facing increasing selling pressure, as its price has dropped more than 41% since its highest peak recorded in July, currently reaching around $0.00002405, with a crucial test of the main support area at $0.00002345.
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💡 Quick Overview:
▪️ Drop from the peak: 42% 📉
▪️ Current Price: $0.00002405
▪️ Current Support: $0.00002345
▪️ Next resistance: $0.00002739
▪️ Next important support: $0.00001971 (tested on July 9)
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⚠️ Negative signals in technical indicators:
🔻 Death Cross
A death cross has formed on the 4-hour chart, where the 50-period exponential moving average crossed below the 200-period average, reflecting a clear bearish trend.
📉 Sell Signal via MACD
The Moving Average Convergence Divergence (MACD) indicator has shown a sell signal since Tuesday, when the blue line crossed below the red line, confirming the negative trend.
🧯 Technical Summary:
Sellers are currently in control, and any break below the support level of 0.00002345 could open the way for a deeper drop towards 0.00001971.
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📉 The derivatives market reflects a decline in confidence:
💼 Funding Rate in Futures
Dropped from 0.0256% (on July 23) to 0.0052% now
This indicates a decline in traders' interest in long positions, weakening bullish momentum.
📊 Decrease in Open Interest
Peaked at $73.4 million in July
Now dropped to only $39 million, a 47% decrease in less than 3 weeks!
🔍 What does this mean?
Few open contracts and the absence of strong leverage indicate weak enthusiasm and speculation, reinforcing the negative outlook for the coin currently.
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🛑 What could change the trend?
☑️ Daily stability above 0.00002345
If BONK closes daily above this level for the fourth consecutive day, it may indicate easing selling pressure.
📈 Increase in Open Interest (OI)
Any gradual return in futures volume may restore activity and upward momentum for the coin.
📊 Overall improvement in the market
If economic concerns, such as high tariffs or Federal policies, ease, the market mood as a whole may shift in favor of altcoins.
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🧠 Quick Tips for Traders:
🔸 Short Term:
Watch support at 0.00002345 — breaking it could be a signal to exit 🛑
On the other hand, breaking through resistance at 0.00002739 could temporarily restore momentum 🔁
🔸 Long Term:
Stay cautious and don't rely on the 'emotional pump' of meme coins — remember that BONK experienced a 79.6% rise in July, and taking profits is normal afterward 💸
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📌 Summary:
The BONK coin is currently under pressure, amid bearish technical signals, and a decrease in funding rate and open interest. However, there is still hope for recovery if the price holds above the current support and the market begins to regain positive momentum 🔄
📣 Do you think BONK will weather the storm?
Or is there a downturn coming?
Share your opinion in the comments! 💬👇