BONK’s struggles continue despite growing social activity. Because?

• The BONK price has dropped considerably in recent days.
• Social sentiment around BONK fell despite increasing volumes.

Over the past 24 hours, the overall memecoin sector has seen a huge surge in interest as many tokens have gained significantly in terms of price.

However, bonk [BONK] I didn’t see the same enthusiasm.

I still have some fight left

In the last 24 hours, the price of BONK fell by 6.94%. Although the recent correction was significant, it was not large enough to change the current trend surrounding the token.

Since April 14, after testing the At the level of $0.00001193, the BONK price rose significantly. It showed signs of an uptrend by showing multiple higher highs and higher lows.

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

If history repeats itself, BONK holders could find themselves in a lot of trouble and lose substantial amounts.

On the other hand, a weakened resistance level could also mean that there is a chance for BONK to break through this level and rise to new heights.

The RSI (relative strength index) was at 54.79, indicating that BONK was not in an overbought position and that the 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 bulls.

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

Looking at social data

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

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

Realistic or not, here is BONK Market Cap in terms of BTC

Despite the increase in comments and interactions, the weighted sentiment for the token fell, suggesting that negative comments about the token had outweighed positive ones at the time of this publication.

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

This is an automatic translation of our English version.