BONK/USDT Analysis: Potential Breakout Ahead
BONK/USDT is trading at $0.0332, forming a bullish structure after bouncing from the $0.025 support zone. The recent breakout attempt from the descending channel is a positive signal, with potential for further upside if key resistance levels are breached.
Key Levels to Watch:
Support: $0.030 (near-term), $0.025 (major support)
Resistance: $0.035 (trendline resistance)
Indicators:
RSI: At 63, reflecting strong momentum but approaching overbought levels.
ADX: Indicates strengthening trend, with DI+ dominance supporting bullish bias.
Volume: Rising, confirming increasing buyer interest.
Trade Plan:
Entry: Above $0.037111 with volume confirmation.
Targets: $0.060 (long-term).
Stop-Loss: Below $0.030864 to minimize risk.
A rejection at $0.035 could lead to a pullback towards $0.030 or $0.025 for a better entry. Watch volume closely for confirmation of a breakout.
Feel free to share your feedback or insights to enhance this analysis!
A Haque
Founder | MyTradingJournal
📊 Financial Market Analyst | Trader | Educator
🐦 Twitter: @MyTradingJnl6th
📺 YouTube: @MyTradingJournal6th
Founder | MyTradingJournal
📊 Financial Market Analyst | Trader | Educator
🐦 Twitter: @MyTradingJnl6th
📺 YouTube: @MyTradingJournal6th
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.
A Haque
Founder | MyTradingJournal
📊 Financial Market Analyst | Trader | Educator
🐦 Twitter: @MyTradingJnl6th
📺 YouTube: @MyTradingJournal6th
Founder | MyTradingJournal
📊 Financial Market Analyst | Trader | Educator
🐦 Twitter: @MyTradingJnl6th
📺 YouTube: @MyTradingJournal6th
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.