$BONK Next target analysis:
Based on the current chart setup for BONK/USDT from your screenshot, let's analyze the next potential target levels using the observed price action, support/resistance, and indicators.
Key Technical Analysis:
1. Current Price and Momentum:
The current price is 0.00004451 with a recent strong uptrend (+24.54% in 24 hours).
The price is trading above key EMAs (7, 25, and 99 periods), indicating bullish momentum.
2. Resistance Levels:
The nearest resistance level to watch is the recent 24-hour high at 0.00004899. If BONK breaks above this level, it could confirm a continuation of the bullish trend.
A breakout above 0.00004899 could push the price to the next psychological and Fibonacci levels:
0.00005000 (psychological resistance).
0.00005500 (potential Fibonacci extension level based on previous swings).
3. Support Levels:
Immediate support is around the EMA(7) at 0.00004344.
Further support lies at the EMA(25) around 0.00004035, which could act as a strong buy zone if there's a pullback.
Stronger support can be found at EMA(99) at 0.00003581.
4. Stochastic RSI and RSI:
The Stochastic RSI is currently in the overbought zone, suggesting a potential pullback or consolidation in the short term.
The RSI(6) at 69.76 is nearing the overbought level of 70, signaling that buyers may be losing strength.
Potential Target Levels:
1. Bullish Scenario (If the price sustains upward momentum):
First Target: 0.00004899 (previous high).
Second Target: 0.00005000 (psychological level).
Third Target: 0.00005500 (potential extended target if momentum continues).
2. Bearish/Correction Scenario (If overbought conditions trigger a pullback):
First Support Level: 0.00004344 (EMA 7).
Second Support Level: 0.00004035 (EMA 25).
Third Support Level: 0.00003581 (EMA 99).
Trading Strategy:
For Long Positions:
Consider entering on a breakout above 0.00004899, with a target of 0.00005000 or 0.00005500.
Use a tight stop-loss just below EMA(7) (around 0.00004300) to protect against a sudden reversal.
