BONK Trading – Will You Break Resistance or Pull Back?

Hello, Meme Coin Trader! If you’ve been keeping a close eye on the wild rollercoaster that is the cryptocurrency market, you’ve probably seen the latest news about $BONK. This meme coin has been making waves with its recent price surge, leaving many people scratching their heads and others rushing to take action. While everyone is getting new hype about runes, this Solana meme coin has been making moves. So what happens to BONK trading and why is it suddenly becoming a hot topic?

Bonk Update

Let’s break it down without getting too caught up in technical jargon.

As of this week, BONK is trading at $0.00002064. This is a whopping 23% increase, making it one of the best performing companies in the cryptocurrency space. And it’s always nice to see the underdog (or should we say the underdog Dogecoin?) getting some love.

But there’s more! The NEAR protocol’s NEAR and Shiba Inu (SHIB) also showed significant gains, up 19% and 15%, respectively. But not everyone was popping the champagne. Dogecoin (DOGE) and WIF are down slightly, but that’s how cookies fall apart sometimes.

Now let’s zoom in on BONK’s sprint.

If you look at BONK’s trading charts, you can see a pretty intense rally in late February and early March. Things looked rosy as BONK soared to a new all-time high (ATH) of $0.00004547 and crashed back to earth shortly after. Talk about a rough ride, right?

It’s been a bit of a bumpy road since then, with the price fluctuating between $0.00002 and $0.00003. But don’t worry, dear readers, as BONK appears to be on the rise again thanks to the frenzied buying activity over the past few days. The Relative Strength Index (RSI) is currently at a comfortable 54, indicating stability for the time being. Of course, not everything went smoothly. Just last Saturday, RSI broke above 80, indicating that BONK was briefly overbought. Hello, no one said cryptocurrency games are predictable!

Bonk Trade Position

As you can see above, there is currently a diagonal resistance line that has been broken. Of course, this doesn’t mean it’s straight here, but it’s a good setup for a slightly longer position.

From here, we took a buy position with 10x leverage. Meme coins, including Bonk trading, are highly volatile. If you take a position, it is better to do it at a size you are willing to lose.

On the other hand, the advantages of meme coin trading are very high. If the previous ATH of $0.000041 was reached, this would be a 1017% profit on the Bonk trade.

We ride it or we die, we take office or we go to Valhalla.

All kidding aside, we run the risk of being solicited with 10x leverage here. However, partial take profit is set in the 0.00023 and 0.000027 ranges. As we get closer to the first TP target, we move the Stoploss to the break-even point to reduce the risk of loss.

This is a very corrupt transaction and should never be considered financial advice.

final words

So what’s next for our beloved BONK? Well, your guess is as good as mine. With the cryptocurrency market becoming more unpredictable than ever, who knows what twists and turns the future will bring? But one thing is certain. Whether you are an experienced trader or just traveling, the world of cryptocurrency is always full of surprises. So, folks, buckle up and let’s see where the BONK train takes us next! 🚀

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You may also like my other blogs about meme coins or trading.