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The Bonk price surged more than 29% over the past 24 hours to trade at $0.0000321 at press time.
Bonk Price Outlook
4-hour chart for BONK/USDT (Source: TradingView)
Over the past 48 hours, the Bonk price has seen a notable upward trajectory in its closing prices, moving from $0.00002475 to $0.00003332. This bullish momentum is further supported by the moving averages, with the 9 Exponential Moving Average (EMA) rising from $0.00002410 to $0.00002763, and the 20 EMA escalating from $0.00002288 to $0.00002512. Such alignment above the longer-term EMA suggests a strong bullish sentiment in the market.
The Moving Average Convergence Divergence (MACD) indicator provides additional insights into the market’s momentum. It has transitioned from a slightly bearish to a bullish outlook, with the MACD line crossing above the signal line, moving from a histogram value of -0.00000034 to 0.00000052. This crossover points towards an increasing bullish momentum.
LAST CHANCE ~4 hours remaining to vote for Memecoin of the Year BONK currently has the lead! You can vote here👇https://t.co/xoItIKGZiD — Bonk! (@bonk_inu) March 3, 2024
The Relative Strength Index (RSI), another crucial indicator, has moved into the overbought territory, climbing from 59.25 to 75.20. Typically, an RSI above 70 indicates that the asset may be overbought, suggesting a potential pullback. However, in strong trending markets, the RSI can remain in overbought or oversold conditions for extended periods, signaling continued strength in the current direction.
Key Levels to Watch
As the Bonk price continues its upward journey, traders should keep an eye on the support levels at $0.00002595 and $0.00002274. A retracement from its current levels could find support at these points, offering potential entry points for buyers. Conversely, should the price action break below these supports, it could signal a short-term reversal in the bullish sentiment.
For traders looking to capitalize on the current momentum, potential long entry points could be around the support levels if the price shows signs of rebounding. Given the overbought condition of the RSI, cautious traders might wait for a pullback before entering. Short-term traders might consider taking profits at signs of RSI divergence or if the MACD shows a bearish crossover.
Conversely, should the price action and indicators suggest a weakening momentum, short sellers might look for entry points at the failure of the price to breach higher resistance levels or a break below key support levels.
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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