BONK Analysis 🚨 📈
Price Action: $BONK just bounced off support at 0.0260 on the 15-minute and 1-hour time frames, showing a sharp tail and a quick recovery. On higher time frames, the price is consolidating after a strong rise in July, but the momentum has faded.
Support and Resistance:
- Support: 0.0260 → 0.0240
- Resistance: 0.0275 → 0.0290 → 0.0320
Forecast and Strategy:
In the short term, a bounce towards 0.0275 is likely, but sellers still dominate the market. Scalping traders can buy on the bounce with a tight stop loss, while medium-term traders may look to sell on price rejection at 0.0275. If the price breaks 0.0260, a quick drop to 0.0240 is expected.