BONK Bleeds for 96 Hours—Will Diamond Hands Stage a Comeback?

Another day, another meme coin getting mauled by the crypto jungle. BONK’s price chart looks like a cliff dive after four straight red candles—just as Wall Street ’experts’ start whispering about ’buying opportunities.’

Can the degens who bought the top somehow turn this ship around? Or is this another case of ’number go down’ until the next hype cycle? Only time will tell if this dog-themed token has more lives left—or if it’s headed for the meme coin graveyard (right next to my 2021 NFT portfolio).

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.