The post Is Bonk Price Prepared to Form a New All-Time High? appeared on BitcoinEthereumNews.com.

Bonk’s price made a mark this week by capitalizing on the broader market’s bullishness, inching closer to the all-time high. While the investors are pushing for a rise, they might encounter some resistance if the price continues to rise. Bonk Investors Bet on Gains Bonk’s price is observing the impact of the rising market’s growth and BONK holders’ optimism. The latter is evident in the funding rate of the meme coin, which has hit a two-and-a-half-month high. The funding rate is a periodic payment made between traders in a futures market to keep the price of the futures contract close to the underlying asset’s price. Generally, a positive funding rate suggests the futures market is observing a dominance of long contracts. A negative rate, on the other hand, suggests that short contracts are the traders’ choice. Presently, the high funding rate is proof that BONK holders are betting on a price rise. How much this would reflect in the asset is another matter. BONK Funding Rate. Source: Coinglass This is because the Relative Strength Index (RSI) is at the cusp of entering the overbought zone. The RSI is a technical analysis tool that assesses the magnitude of recent price changes to evaluate overbought or oversold conditions in a market. RSI values range from 0 to 100, with readings above 70 indicating overbought conditions and below 30 indicating oversold conditions. There has only been one other instance of the RSI entering the overbought zone in the past. This was back in March when Bonk’s price hit an all-time high of $0.00004800 but closed at $0.00003769. Read More: Bonk Airdrop Eligibility: Who Can Claim and How? BONK RSI. Source: TradingView This was followed by corrections as the market cooled down after the rise. BONK Price Prediction: Rising a Bit More Bonk’s price pushed…

---

Filed under: News - @ May 22, 2024 1:28 am