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BONKUSDT trade ideas

BONK surges 10%. Will the rally sustain?BONK’s price was bearish in the early hours of the day before support was established at the intra-day low of $0.00002. However, with the announcement of the treasury proposing an 84 billion token burn, the digital asset witnessed a 10% surge, reshaping investor sentiment and market trend. This strategy is part of a broader effort to enhance token scarcity and increase its value over time. This can be considered as the turning point for BONK since decreasing the supply is usually positive for the investors. This burn according to the announcement represents the q2 amount of BONK sent to the DAO from BONKBot. In April, the BONK Decentralized Autonomous Organization (DAO) had already set a precedent for such impactful decisions. The DAO passed a proposal to burn a staggering 278.39 trillion BONK, with the community vote showing overwhelming support: 418.63 trillion votes in favor, representing 99.9% approval.  The technical indicators on the BONKUSDT price chart point to continued bullish momentum. The Money Flow Index (MFI) rating of 68 suggests that money flows in the BONK market may sustain a bullish rally.  In addition, the Moving Average Convergence Divergence (MACD) has shifted into the positive region and above its signal line, reflecting a strengthening bullish trend. Moreover, the histogram developing higher bars suggests that buying pressure is increasing. Concurrently, with a Relative Strength Index (RSI) rating of 67, this bullish momentum will likely trend upwards, with a potential target of $0.00003600 after hitting a double-bottom pattern on the 4-hour price chart. 
Long
by paul_endeo
Bonk Price Soars: Is Now the Perfect Time to Buy?BINANCE:BONKUSDT has demonstrated a notable upward trajectory in recent trading sessions. Recent closing prices have steadily increased from $0.00002396 to $0.00002643, showcasing a bullish trend. This upward momentum is supported by the 9 and 20 Exponential Moving Averages (EMA), which also indicate a positive trend. The 9 EMA has consistently stayed above the 20 EMA, further affirming the bullish sentiment in the market. 9 EMA values have climbed from $0.00002276 to $0.00002453, reflecting the increasing short-term momentum. Concurrently, the 20 EMA has risen from $0.00002248 to $0.00002352, indicating a strengthening longer-term trend. The Moving Average Convergence Divergence (MACD) indicator supports this bullish outlook, with the MACD line staying above the signal line. Histogram values have also increased, suggesting accelerating bullish momentum. The Relative Strength Index (RSI) has moved into the overbought territory, climbing from 59.06 to 69.39. This high RSI level indicates that the asset might be overbought and could be due for a short-term pullback. However, the strong bullish indicators suggest that any pullback might be temporary. In terms of potential movements, the Bonk price faces resistance at $0.00002664, $0.00002678, and a major resistance at $0.00002778. If the price can break through these levels, it may continue its upward trend. Conversely, support levels are observed at $0.00002604, $0.00002531, and $0.00002514. A break below these support levels could signal a shift to a bearish trend. For traders considering entry and exit points, a potential long trade could be initiated if the price breaks above the $0.00002664 resistance, with a target towards $0.00002778. Stop-loss orders could be placed below the $0.00002604 support level to mitigate risk. For short traders, entering a position if the price falls below $0.00002604 with a target towards $0.00002514 could be considered. Stop-loss above the $0.00002664 resistance to manage potential losses can then be set.
by Ecoinimist
BONKUSDT - UniverseMetta - Analysis#BONKUSDT - UniverseMetta - Analysis On D1, the price may push off from the lower border of the channel and begin an upward trend. From the border you can see a rebound of 30%, which indicates the presence of buyers. On H4, for confirmation, you can wait for the formation of a 3-wave structure along the trend and consider buying. You should be careful if an ABC or 3-wave structure is formed, the price may make a false breakout and update the low again. Target: 0.00002525 - 0.00003378
Long
by Trade-U-Metta
1
#BONK/USDT#BONK The price is moving within a descending channel pattern on the 4-hour frame, which is a retracement pattern We have a bounce from a major support area in the color EUR at 0.00001815 We have a tendency to stabilize above the Moving Average 100 We have a downtrend on the RSI indicator that supports the rise and gives greater momentum and the price is based on it Entry price is 0.00002050 The first target is 0.00002465 The second goal is 0.00002870 The third goal is 0.00003360
Long
by CryptoAnalystSignal