- BONK’s setup allows for a recovery, but confirmation is needed before calling a reversal or rally.
- Funding Rates remained between 0%–1%, reflecting cautious sentiment without excessive leveraged longs in play.
Bonk [BONK] slipped 11.64% in the last 24 hours, marking its fourth consecutive red day. This downtrend has taken the memecoin’s price down to a critical support level.
At press time, BONK was trading at $0.00001883, a level that aligns with a major pennant support zone.
Historically, the chart pattern is considered a make-or-break moment. If support is maintained, BONK can bounce back. But if bears break through, the memecoin can dip further to test lower supports.
Source: TradingView
Funding Rates show restraint, but not disinterest
Digging deeper into BONK’s on-chain metrics, its Funding Rate data from CoinGlass indicated a conservative tone in derivatives markets.
The rates have remained between 0% to 1%—a sign of a general cautious tone despite some traders’ modest long positions.
Source: CoinGlass
This optimism in containment suggests that the investors are waiting for the confirmation of the reversal of the trend before re-committing to more long positions.
On top of that, the lack of excessive leverage means the market isn’t overextended on longs, leaving room for upside if demand picks up.
Liquidity clusters suggest bullish magnet above
Interestingly, CoinGlass’s Liquidation Heatmap data paints a more optimistic picture. From the heatmap, one can observe a concentration of liquidity around the $0.0000233 price level.
These clusters often act as price magnets, especially when market makers seek to fill high-volume interest.
If BONK holds above $0.00001883 and builds even modest upward pressure, the $0.0000233 zone becomes a natural short-term target.
Source: CoinGlass
Cautious optimism for BONK
For now, BONK is balancing between further correction and a potential bounce. The breakout at $0.00001883 is decisive.
If bulls manage to keep this level, a move to the $0.0000233 zone may be imminent.
Having said that, neither Funding Rates nor liquidity signals confirm a clear reversal yet. The ingredients for a bounce are present, but confirmation is key before traders chase it.
