$BONK has impressively grown by 96% in the past week, although it has decreased by 5% in the last 24 hours and is trading at $0.00005071. This rally has seen BONK reach a new all-time high (ATH) of $0.00005627 before consolidating.
$BONK - Price performance
Key technical information
Golden Cross formation: The 50-day SMA has crossed above the 200-day SMA at $0.00002211, reinforcing the long-term bullish outlook.
RSI: Currently at 62.31, below the overbought threshold but close enough to warrant caution. A move above 70 could signal overextension and a potential pullback.
MACD: The MACD line remains above the signal line and the baseline, indicating sustainable bullish momentum. However, traders should monitor convergence as it may suggest weakening strength.
My strategy
1. Short-term goals:
Resistance zone: The immediate resistance level is $0.00005627. If buyers surpass this level, I expect the price to rise to the psychological mark of $0.0001.
Take profit plan: I will take partial profits near $0.000056 to manage risk and secure profits.
2. Re-entry points after a pullback:
Support level: If the price pulls back, I plan to accumulate at the 50-day SMA ($0.00003679) and the 200-day SMA ($0.00002539). These levels align with strong technical support.
3. Risk management:
I have placed a trailing stop loss below $0.000045 to protect profits while still allowing for volatility.
Diversifying my portfolio to minimize risk associated with the volatility of meme coins.
4. Mid-term strategy:
If BONK maintains its upward momentum, I will hold part of my position at $0.0001. Market sentiment around the Solana meme coin and broader altcoin rallies will be crucial for this strategy.
Discussion points
Do you see$BONK surpassing the $0.000056 mark and heading towards $0.0001?
Let's exchange strategies to make the most of this dynamic market movement!
