BONK’s struggles continue despite rising social activity – Why?

  • BONK’s price declined significantly over the last few days.
  • Social sentiment around BONK fell despite rising volumes.

In the last 24 hours, the overall memecoin sector has seen a large surge in interest as many tokens have gained significantly in terms of price.

However, Bonk [BONK] did not see the same enthusiasm.

Still got some fight left

Over the last 24 hours, the price of BONK fell by 6.94%.  Even though the recent correction was significant, it wasn’t large enough to change the current trend surrounding the token.

Since the 14th of April, after testing the $0.00001193 level, the price of BONK rallied significantly. It showed signs of a bullish trend by displaying multiple higher highs and higher lows.

However, BONK continued to face resistance at $0.00002946. It has consistently declined after reaching this level. The last time the token tested this level, there was a significant price decline.

If history repeats itself, BONK holders could be in a lot of trouble and could stand to lose substantial amounts.

On the other hand, a weakened resistance level could also mean that there may be a chance that BONK may break past this level and soar to new heights.

The RSI (Relative Strength Index) was at 54.79, indicating that BONK was not in an overbought position and bullish momentum around the token had remained relatively high.

However, the CMF (Chaikin Money Flow) was at 0.00, meaning that the money flowing into the token was neutral and did not support the bears or the bulls.

This may suggest that BONK may move sideways for some time before we can see a significant price movement.

Source: Trading View

Looking at the social data

A big factor that could contribute to BONK’s price growth would be the social volume surrounding the token.

AMBCrypto’s analysis of Santiment’s data showcased that the social volume had grown significantly. This indicated that the popularity of the token had increased.

Realistic or not, here’s BONK market cap in BTC’s terms

Despite the rising comments and interactions, Weighted Sentiment for the token fell, suggesting that negative comments around the token had outnumbered positive ones at press time.

Negative sentiment around social media may hinder BONK’s rally in the future.

Bonk BONK 15.02.50 05 May 2024

Source: Santiment

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