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The Bonk price dived more than 9% in the last 24 hours to trade at $0.00002236 at press time.
Bonk Price Overview
4-hour chart for BONK/USDT (Source: TradingView)
In recent trading sessions, the Bonk price has exhibited a downward trend, with closing prices showing a consistent decline from $0.00002548 to $0.00002237. Technical indicators on the 4-hour chart provide insights into potential future movements and key levels that traders should monitor.
The 9 Exponential Moving Average (EMA) has decreased steadily, moving from $0.00002503 to $0.00002403, which indicates bearish momentum as the price remains below this moving average. Concurrently, the 20 EMA has shown a similar downtrend from $0.00002506 to $0.00002453, further confirming the bearish outlook as the price action also stays beneath the 20 EMA.
Given the recent price behavior, resistance levels are currently set at $0.00002289 and $0.00002331, which could serve as barriers for any upward price movement. On the downside, support levels are observed at $0.00002224, $0.00002196, and $0.00002173. These levels could potentially halt further declines and serve as pivotal points for a possible price rebound if bullish momentum resumes.
The Moving Average Convergence Divergence (MACD) exhibits bearish signals with the MACD line consistently below the signal line and negative histogram values deepening as well, suggesting increasing bearish momentum. The Relative Strength Index (RSI) is nearing the oversold territory, having dropped from 52.63 to 40.37, which might indicate that the asset is becoming undervalued and could foresee a potential reversal if it dips further into oversold conditions.
Possible Trade Ideas
Given the current bearish indicators, traders might consider short positions at resistance levels, particularly around $0.00002289 and $0.00002331, aiming for exits around the support levels at $0.00002224 or lower at $0.00002196. For those looking for long positions, a rebound from the key support at $0.00002173 could offer a viable entry point, especially if accompanied by bullish reversal patterns or an upturn in RSI and MACD.
BONK shows a predominantly bearish trend in the near term, with technical indicators supporting a potential continuation of the downtrend. However, approaching support levels may offer opportunities for reversal if bullish signals emerge. Traders should keep an eye on these technical levels and adjust their strategies accordingly.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Ecoinomist is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
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