Technical analysis and recent updates:
Current price: around $0.0000245
Significant updates:
Increased institutional interest: Safety Shot Inc., listed on Nasdaq, announced a treasury program for BONK worth $25 million, with plans to purchase an additional $115 million, which could provide long-term support for the currency.
Whale activity: Market data indicates an increase in accumulation of the currency by large investors, reflecting positive expectations in the medium term.
Strong performance in July: The price of BONK rose by more than 150% in July, before experiencing a slight decline in trading volume during August.
Support and resistance:
Support areas (levels where price is expected to bounce back up):
Main support: at $0.000025.
Secondary support at $0.000023.
Resistance areas (levels that may hinder continued upward movement):
The first resistance at $0.000040.
The second resistance at $0.000050.
Current situation:
The price is moving near a major support, and its stability above it is a positive signal.
If the price fails to maintain the level of $0.000025, it may head to lower support at $0.000023.
Technical indicators:
The Relative Strength Index (RSI) is in the neutral zone, indicating a relative balance between selling and buying forces.
The MACD indicator shows slight weakness in momentum, with the possibility of entering a phase of fluctuation before taking a clear direction.
Investment recommendations:🔥
Entry area: The current price is considered suitable for partial buying as it is close to the important support at $0.000025 – $0.0000245, and additional quantity can be added if it drops to $0.0000235.
Targets: The first target at $0.000040 for partial profit-taking, and the second target at $0.000050 for full or most profits.
Stop loss: below $0.0000230 with a clear daily close.
Capital management: Do not risk more than 5% of your total portfolio on the trade, and divide the purchase into two or three installments.
Conclusion:
Upward scenario: Stability above $0.000025 may push the price towards $0.000040 then $0.000050.
Downward scenario: Breaking the level of $0.000023 may open the door for a decline towards $0.000021 or lower.
If you reached here, please follow me so I can continue to publish more analyses and the latest news ☺️
#MarketTurbulence #HotJulyPPI #REVABinanceTGE #DeFiGetsGraded