Technical Analysis
First, let's lock in our view of the chart. The daily chart for 1000BONKUSDT shows a very strong, sustained uptrend, particularly throughout July. After hitting a recent peak just above $0.040, the price has undergone a healthy retracement.
It has now pulled back to the $0.034 level. This is a critical support zone. As we identified, this level was the peak of the rally in late May, and the price is now retesting it. The small green fractal arrows on the chart confirm these previous swing highs. The price is currently consolidating right on this old resistance level, which we anticipate will now act as new support. This is a textbook setup for our strategy, making it a prime candidate for an immediate long entry.
Sentiment and Fundamental Analysis
Now, let's analyze the news to see if the market sentiment supports our bullish technical view.
The sentiment is clearly bullish. The most recent and significant piece of news is about token buybacks, which is a strong fundamental driver for price appreciation. This aligns perfectly with the technical setup of the price holding at a key support level.
The Trade Plan: 1000BONKUSDT (Long)
The plan is set. We're entering a long position with a market entry now, around $0.0345.
Entering a long position as the price retraces to a major support level ($0.034) where old resistance is flipping into new support. The entry is supported by strong bullish news, particularly the announcement of token buybacks.
Stop Loss (SL): $0.0295
This level is safely below the entire support structure and below the recent swing low of this pullback. A break below $0.030 would invalidate our trade thesis. Placing the SL at $0.0295 protects us from a failed support scenario.
Take Profit 1 (TP1): $0.0415 (Moonbag Target)
This target is just above the recent all-time high. It's the most logical first target where the price will prove the uptrend is continuing.
At TP1, we take initial profits and move the trailing stop to our entry price (~$0.0345) to make the rest of the trade risk-free.
Take Profit 2 (TP2): $0.0520
This represents a measured move projection and aligns with the 1.272 Fibonacci extension from the previous range. It's a common target after a new all-time high is made.
When TP2 is hit, move the trailing stop up to the TP1 level ($0.0415) to lock in profits.
Take Profit 3 (TP3): $0.0600
This is a major psychological round number and aligns with the 1.618 Fibonacci extension, a key target in price discovery mode.
When TP3 is hit, move the trailing stop up to the TP2 level ($0.0520).
Take Profit 4 (TP4): $0.0750 (Final Target)
This is our optimistic "blue sky" target. In a strong meme coin rally fueled by buybacks, prices can often run much further than expected. $0.075 represents a significant milestone.
Close all remaining positions.
Conclusion:
The 1000BONKUSDT long trade is a high-quality setup where the technicals and fundamentals are in strong alignment. The risk is clearly defined, and the profit targets offer excellent potential. The plan is ready to be executed.
First, let's lock in our view of the chart. The daily chart for 1000BONKUSDT shows a very strong, sustained uptrend, particularly throughout July. After hitting a recent peak just above $0.040, the price has undergone a healthy retracement.
It has now pulled back to the $0.034 level. This is a critical support zone. As we identified, this level was the peak of the rally in late May, and the price is now retesting it. The small green fractal arrows on the chart confirm these previous swing highs. The price is currently consolidating right on this old resistance level, which we anticipate will now act as new support. This is a textbook setup for our strategy, making it a prime candidate for an immediate long entry.
Sentiment and Fundamental Analysis
Now, let's analyze the news to see if the market sentiment supports our bullish technical view.
- "LetsBONK Allocates Revenue Share for Token Buybacks in BONK Ecosystem" (11 hours ago): This is fundamentally very bullish. Token buybacks are a powerful mechanism. They use project revenue to purchase tokens from the open market, which reduces the circulating supply and can create sustained buying pressure. It also signals the team's confidence in the token's value.
- "Meme News: Supercycle Loading? Pengu and Bonk Lead in Sea of Green" (5 days ago): This headline frames BONK as a leader in the meme coin sector, which is currently experiencing strong positive momentum (a "Supercycle"). This is bullish as it attracts trend-following traders and highlights BONK's relative strength.
- "Bonk News: Why is BONK's price up today?" (6 days ago): This article, published during the recent rally, reinforces the positive price action and likely explains the bullish momentum we've seen. It contributes to the overall bullish sentiment.
The sentiment is clearly bullish. The most recent and significant piece of news is about token buybacks, which is a strong fundamental driver for price appreciation. This aligns perfectly with the technical setup of the price holding at a key support level.
The Trade Plan: 1000BONKUSDT (Long)
The plan is set. We're entering a long position with a market entry now, around $0.0345.
Entering a long position as the price retraces to a major support level ($0.034) where old resistance is flipping into new support. The entry is supported by strong bullish news, particularly the announcement of token buybacks.
Stop Loss (SL): $0.0295
This level is safely below the entire support structure and below the recent swing low of this pullback. A break below $0.030 would invalidate our trade thesis. Placing the SL at $0.0295 protects us from a failed support scenario.
Take Profit 1 (TP1): $0.0415 (Moonbag Target)
This target is just above the recent all-time high. It's the most logical first target where the price will prove the uptrend is continuing.
At TP1, we take initial profits and move the trailing stop to our entry price (~$0.0345) to make the rest of the trade risk-free.
Take Profit 2 (TP2): $0.0520
This represents a measured move projection and aligns with the 1.272 Fibonacci extension from the previous range. It's a common target after a new all-time high is made.
When TP2 is hit, move the trailing stop up to the TP1 level ($0.0415) to lock in profits.
Take Profit 3 (TP3): $0.0600
This is a major psychological round number and aligns with the 1.618 Fibonacci extension, a key target in price discovery mode.
When TP3 is hit, move the trailing stop up to the TP2 level ($0.0520).
Take Profit 4 (TP4): $0.0750 (Final Target)
This is our optimistic "blue sky" target. In a strong meme coin rally fueled by buybacks, prices can often run much further than expected. $0.075 represents a significant milestone.
Close all remaining positions.
Conclusion:
The 1000BONKUSDT long trade is a high-quality setup where the technicals and fundamentals are in strong alignment. The risk is clearly defined, and the profit targets offer excellent potential. The plan is ready to be executed.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.