Social Sentiment Turns Bearish For XRP

An elderly woman in Westlake was deceived into depositing thousands of dollars into a cryptocurrency ATM by a scammer. This occurred despite multiple warnings from both police and store employees.read more

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The post Why BONK’s weekly trend remains deeply bearish despite price rise appeared on BitcoinEthereumNews.com. Bonk saw a 5.55% rally in the past 24 hours, but CoinMarketCap data showed that its daily trading volume has fallen by nearly 10% at the time of writing. These gains could be driven partly due to the Solana [SOL] launchpad Bonk.fun news that 51% of the fees would be used to buy back BONK, up from the existing 10%. BONK sinks below long-term support Source: BONK/USDT on TradingView Bonk’s [BONK] weekly chart showed a strong downtrend in progress. The $0.0000096 support, which stretched back to early 2024, was being retested as resistance. Two weeks ago, a weekly trading session closed below this support. The OBV was also in a downtrend with the price, and the RSI’s reading of 36 showed strong bearish momentum. Overall, it was a place where the bulls needed to make a last stand. As things stand, the buyers lack the conviction to reverse the trend. Source: BONK/USDT on TradingView On the 4-hour chart, there seemed to be a bit of hope for BONK bulls. A range formation (purple) between $0.00000846 and $0.0000105 has halted the downtrend over the past three weeks. At the same time, the OBV trended higher, while the RSI oscillated between bullish and bearish momentum. It was a sign that there was buying pressure in recent days. Despite this hopeful development, it would be extremely difficult for the bulls to overturn the long-term downtrend. The loss of $0.0000096 as support, just below the psychological $0.00001 level, was a big blow to bullish sentiment. The bullish BONK case The rising OBV hinted at a potential, albeit unlikely, BONK trend reversal. A breakout past $0.0000105 and a retest of the range high as support would be a buy signal. To the north, the next target would be $0.0000135. Traders call to action — Respect…