The BONK price has continued to struggle ahead of the US Presidential elections, with several metrics highlighting the bearish sentiment towards the meme coin.
The BONK price has continued to struggle ahead of the US Presidential elections, with several metrics highlighting the bearish sentiment towards the meme coin. As BONK price continues to struggle with such bearish sentiment, there is reason to believe that crypto investors are focusing their attention on utility coins like ETFSwap (ETFS), with these tokens boasting more potential ahead of the US Presidential elections.
BONK Price Continues To Struggle Amid Bearish Sentiments
BONK price has continued to struggle amid bearish sentiments, with the meme coin at risk of further price declines. Bonk’s (BONK) Chaikin Money Flow (CMF) indicator recently dipped to the zero line, suggesting that the meme coin’s investors were looking to offload their tokens as more liquidity flows out of the meme coin.
Such development is expected to cause a further decline in BONK price with more selling pressure on the horizon. Bonk’s negative funding rate is another metric that paints a bearish picture for BONK price. A negative funding rate usually means that the bears have control over BONK price and are likely to drag BONK price further down.
The bearish sentiment around Bonk (BONK) is significant as it comes ahead of the US Presidential elections. Republican candidate Donald Trump has already affirmed his support for Bitcoin (BTC) and other utility coins like ETFSwap (ETFS). As such, it makes sense that crypto investors are looking to rotate their capital to these utility coins since they are well-primed for massive gains while the BONK price continues to decline.
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