CandleFocus BONK Fails to Secure 92% Rally – Here’s What’s Coming for Price
2024-10-03
Author: Content Editor
The Solana meme coin, BONK, was in a position for a potential breakout and a 92% rally towards its all-time high. However, a shift in investor sentiment and market behavior caused the coin to miss this opportunity and remain in a downward trajectory. The Chaikin Money Flow (CMF) indicator initially signaled increasing capital inflows into BONK but later showed a downtick, indicating investor pullback and loss of momentum. BONK's low correlation with Bitcoin is also a bearish sign, as it fails to benefit from Bitcoin's recent recovery. The coin has been trading within a descending wedge and needs stronger bullish cues or a bullish crypto market to attempt a rally.
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