The BONK social and futures metrics were not encouraging, and the meme token's price prediction remains bearishly biased.
price prediction for May showed losses were more likely than a breakout. The technical indicators did not highlight buyer strength.Analysis of the Futures data showed that enthusiasm was falling and speculators were not confident about BONK’s short-term bullish prospects. Here are the key levels traders should watch out for.The two-month range was highlighted in purple and extended from $0.0000136 to $0.0000286.
The RSI on the daily chart was at 51.7 to indicate momentum favored neither the buyers nor the sellers. Similarly, the CMF was also at -0.05. The lower timeframe price action showed that the $0.0000209 level was support and that another short-term range was formed in the upper half of the larger range.While the BONK price prediction indicated a short-term bounce from $0.0000209 was likely, it might not initiate a strong uptrend.
They were unwilling to go long on the asset, but were not actively shorting the token either. This was inferred from the funding rate, which was just above zero.
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