š“$BONK Bullish Signs Are Visibleš“
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BONK's price has retraced 3.57% today, contributing to a 3.04% average drop in meme currencies. Despite this, bullish indicators suggest a potential breakthrough. Trading volume has increased by 29.45% to $130.35 million in 24 hours, indicating growing interest.
Bullish signs:
- MACD shows increasing bullish bias, with the MACD line converging towards the signal line.
- Parabolic Stop and Reverse (SAR) dots have been below BONK since August 8, indicating an uptrend with SAR support.
Challenges:
- Price consolidation around the 50DMA and 20DMA, with unclear direction.
- RSI remains below the neutral line at 40, indicating negative sentiment.
- Chaikin Money Flow (CMF) is stuck at -0.2, suggesting continuous selling pressure.
For a breakout, traders should watch for a steady hold above the consolidation lower barrier, followed by a retest of the 200DMA. A successful breakout could target $0.000025. However, buyer caution and selling pressure may hinder short-term price growth.
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