๐ก Quick technical analysis:
โ Notable upward bounce! After dropping to 0.00001621, BONK began to form a higher low, and is currently trading above 0.00001700 with daily gains of +2.04% โ indicating signs of renewed buying interest.
โ RSI at 59.8! This indicates strong positive momentum that has not yet reached overbought conditions โ meaning there is room for more upward movement.
โ MACD is turning bullish! The indicator shows a clear positive crossover, which enhances the likelihood of the upward trend continuing.
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๐ Technical pattern analysis โ Are we witnessing the formation of a 'breakout pattern'?
๐ A higher low is forming
After the low of 0.00001551, BONK recorded a new higher low at 0.00001621 โ which is a positive technical signal supporting the formation of a new upward trend.
๐ Short-term resistance at 0.00001759
If this resistance is broken, the next target will be towards 0.00001930 and perhaps even 0.00002070.
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๐จ Supporting signals from indicators:
RSI above 50 โ gradual entry in case of positive momentum.
MACD in a positive crossover โ start of an upward trend.
The recent candles are green and stable above the moving average MA(5) โ reinforcing the upward scenario.
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๐ฏ Expected scenario:
Positive scenario: Breaking 0.00001759 leads to targets of 0.00001930 then 0.00002100.
Negative scenario: A drop below 0.00001650 could retest support at 0.00001551.
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๐ฌ My personal opinion:
BONK is giving real signs of maturity for an upward reversal. The indicators strongly support this scenario โ provided that a break of nearby resistance is confirmed. The current stability may be the last opportunity to buy before a stronger rise.
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โ Final advice:
Do not neglect a stop-loss below 0.00001600 to avoid any sudden volatility.
Gradual buying is better than a full entry all at once.
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๐ข What do you think? Will BONK surge to the top again? Or has the correction not ended yet? Share your analysis!