BONK: Short positions grow as bears make their presence known

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Journalist

Posted: February 12, 2024

BONK noticed a decline in costs as curiosity from holders declined.
Merchants turned bearish as quick positions grew.

Regardless of the latest dip in consideration round Bonk [BONK], the meme coin has managed to outperform a number of necessary tokens when it comes to market cap.

Issues for BONK

However regardless that BONK dominated the meme coin house, the worth of BONK fell by 10.30% within the final 24 hours, based on CoinMarketCap.

Moreover, its buying and selling quantity had fallen by 45.24% throughout the identical interval, reaching 121.65 million at press time.

This huge worth decline was noticed after the token’s slight bullish run earlier this yr. Nevertheless, because the eleventh of January, BONK struggled to see an uptick in worth.

General, the worth of BONK declined by 24.85% throughout this era. The worth exhibited a number of decrease highs and decrease lows, establishing a bearish pattern.

Trying on the worth

The meme coin’s RSI, in the previous few days, went from 68.30 to 52.95.

The RSI is a momentum indicator that measures the pace and alter of worth actions, offering insights into whether or not an asset is overbought or oversold.

A drop within the RSI suggests a weakening of upward momentum and a possible improve in promoting stress.

Moreover, BONK’s Chaikin Cash Circulation (CMF) registered a decline from 0.22 to 0.03.

A lower within the CMF suggests a discount within the power of cash flowing into the asset, indicating a possible shift in market sentiment.

When it got here to BONK, there gave the impression to be strengthened indications of weakened shopping for stress on the time of writing.