BONK MEME COIN LONG IDEA - Solana Memecoin Trend
BONK is a popular Solana meme coin and is gaining attention amid the ongoing meme coin trend, so it’s worth keeping an eye on.
Technical Analysis: BONK recently broke out of a bearish trendline, retested it, and appears to be consolidating here. I believe we could see strong upward momentum soon. The price has also recently broken a larger bearish trendline, created a weekly demand zone, run daily liquidity, and reached a daily demand level, followed by a strong breakout.
Current Trend and Price: 1000BONKUSDT is currently trading at around $0.0000025, with a 1.68% decrease in the past 24 hours and a 5.14% decrease in the past week.
Technical Analysis: The 1000BONKUSDT pair has formed a bullish pennant pattern, indicating potential continuation of the upward trend. The price has been trading within a triangle pattern for the past year, and a breakout above the resistance level could confirm a strong bullish move.
Key Levels to Watch:
- Support Areas: $0.0000022, $0.0000020, and $0.0000018
- Resistance Levels: $0.0000028, $0.0000030, and $0.0000032
Trade Ideas:
- Long Position: Consider buying 1000BONKUSDT around the support level, targeting the resistance level.
- Short Position: Avoid shorting due to the potential breakout and strong bullish momentum.
Remember to always do your own research and consider multiple sources before making any investment decisions.