Technical Analysis (BONK/USDT - 4-Hour Chart):
* Current Price: 0.00002931 USDT
* Recent Price Action: BONK has experienced a significant downtrend from a high around 0.00003687, finding support near 0.00002621. It appears to be attempting a bounce or a short-term reversal from this support level.
Interpretation:
The chart suggests that BONK/USDT found strong support around 0.00002621 and is currently in a short-term recovery phase. The bullish crossover in MACD and the upward movement in Stochastic and RSI confirm this short-term upward momentum. However, it's crucial to remember that this is a 4-hour chart, and intraday volatility can be significant. The previous high around 0.00003687 will act as a strong resistance level.
Intraday Trading Signal (Long Position - Buy):
Given the bounce from support and the bullish technical indicators, a short-term long position could be considered.
* Entry Point(s):
* Aggressive Entry: Around the current price of 0.00002931 USDT.
* Conservative Entry: Wait for a slight pullback towards 0.00002850 - 0.00002880 USDT (to confirm the support holds after the initial bounce) or a clear breakout above the immediate resistance around 0.00003000 USDT.
* Stop-Loss Placement:
* Place the stop-loss just below the recent swing low, around 0.00002580 USDT. This provides enough room for minor fluctuations but protects against a reversal back into the downtrend.
* Take-Profit Target(s):
* Target 1 (Short-Term/Conservative): Around 0.00003050 - 0.00003100 USDT. This aligns with the immediate resistance levels from previous price action.
* Target 2 (Moderate): Around 0.00003250 - 0.00003300 USDT. This would be a retest of a prior support-turned-resistance level.
* Target 3 (Ambitious/If momentum is strong): Around 0.00003500 - 0.00003600 USDT. This would be targeting the higher resistance levels from the recent decline. Traders should be prepared to adjust this target based on real-time price action and volume.
