📌 $BONK Breakout Brewing? ⁉️⁉️
Neckline Support Sparks Meme Coin Hype
Bonk falls 35% from July's high amid crypto market jitters.Bonk is retesting Cup and Handle neckline support before a comeback.
As futures Open Interest declines, Bonk interest stays low.
On Thursday, Bonk (BONK) traded at $0.00002606, down from $0.00004070 in July. Bonk price may bounce after testing a significant Cup and Handle pattern's neckline support.
Low open interest lowers bonk.
The futures Open Interest (OI) in Bonk's derivatives market fell to $38 million from $73 million in July, when the price touched aseven-month high of $0.00004074.
Ol, the notional value of outstanding futures or options contracts, is declining, indicating negative sentiment and interest in the Solana-based meme currency.
As futures-weighted sentiment remains favorable at 0.0101%, traders are boosting BONK long holdings.
Price retains support at $0.00002563 from the 50-day Exponential Moving Average (EMA) and the Cup and Handle pattern's neckline resistance-turned-support at $0.00002500.
The meme currency is also well above the 100-day and 200-day EMAs at $0.00002306 and $0.00002174, supporting its modest bullishness. If the drop goes below the neckline, these levels will provide shaky
support.
Bonk's neckline support test might lead to a bullish breakout for the July high of $0.00004074 or a down leg extension if the support level breaks.