#BONK/USDT Testing the Upper Boundary of a Descending Channel
The BONK/USDT pair is currently trading at 0.00001867, reflecting a slight decrease of 0.32% in the last hour. The price is flirting with the upper boundary of a descending channel that has been guiding the pair since mid-August. The 200-period moving average is hovering around 0.00001838, adding to the resistance level that BONK needs to surpass to reverse its current downtrend.
Bullish Scenario:
If BONK/USDT can break above the 0.00001838 level (200-period MA) and sustain that level, it could signal the beginning of a bullish reversal. Traders may then target higher resistance levels around 0.00002000 and 0.00002200 as potential upside targets.
Bearish Scenario:
However, if the price fails to break out of the descending channel and reverses, we might see a continuation of the downtrend. In this case, the next support level is around 0.00001700, where traders might expect buyers to step in.
Disclaimer:
This analysis is for educational purposes only and should not be taken as financial advice. Always perform your own research before making any investment decisions.
