BONK Continues Downtrend, Short-Term Losses Mount
The Most Important Points at a Glance
The cryptocurrency Bonk (BONK) is in a persistent downtrend. Short-term investors are experiencing significant losses. The overall memecoin market is showing weak performance. A short-term price increase of 15% is possible before the downtrend continues.
Memecoin Market Under Pressure
The past few months have been challenging for memecoins. Data shows that the market capitalization of this sector has dropped by 41%. In comparison, Bitcoin (BTC) has declined by 19.2%. BONK is following this trend and remains in a downward movement.
Price Forecast for BONK
After strong price gains in November 2024, BONK was unable to hold key support levels. In early February, the price fell below the November low. Currently, the price is 23% below the last support level from April 2024. A further decline cannot be ruled out.
However, technical indicators suggest a possible short-term recovery. A price gap indicates a potential rebound to $0.0000155, which would represent a 15% increase. After that, the downtrend could regain momentum.
Losses for Short-Term Investors
The “Short-Term Holder Net Unrealized Profit/Loss” (STH NUPL) shows that short-term investors are experiencing significant losses. The current value of -1.22 is the lowest since April 2023. At that time, a short-term recovery followed, but there is no guarantee that this will happen again.
Dogecoin’s Influence on BONK
Historically, movements in Dogecoin (DOGE) have often impacted other memecoins. In the fourth quarter of 2023, DOGE rose from $0.056 to $0.092. At the same time, BONK increased a hundredfold. If DOGE rises again, this could have a positive effect on BONK.
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Our Assessment
The downtrend in BONK remains intact. A short-term recovery is possible, but there is no sign of a trend reversal. Investors should remain cautious and closely monitor the market. The overall memecoin sector is showing weakness, further limiting BONK’s chances of recovery.
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