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BONK Trade – Will Resistance Be Broken or Surrendered?

Hey there, meme coin trader! If you’ve been keeping tabs on the wild rollercoaster that is the cryptocurrency market, you might have caught wind of the latest buzz around $BONK. This meme coin has been making waves with its recent price surges, leaving many scratching their heads and others scrambling to get in on the action. While everyone is playing the new hype of runes, this Solana meme coin made its move. So, what’s the deal with a BONK trade, and why is it suddenly the talk of the town?

BONK Update

Let’s break it down without getting too bogged down in the technical jargon.

As of this week, BONK is trading at $0.00002064. That’s a whopping 23% increase, making it one of the top performers in the crypto space. And hey, it’s always nice to see the underdog (or should I say under-dogecoin?) getting some love.

But wait, there’s more! NEAR Protocol’s NEAR and Shiba Inu (SHIB) also saw some decent gains, clocking in at 19% and 15% respectively. However, not everyone was popping champagne. Dogecoin (DOGE) and WIF took a bit of a dip, but hey, that’s just how the cookie crumbles sometimes.

Now, let’s zoom in on BONK’s wild ride.

If we take a peek at BONK’s trading chart, we’ll notice a pretty intense rally back in late February and early March. Things were looking rosy for BONK as it soared to a new all-time high (ATH) of $0.00004547, only to come crashing down to earth shortly after. Talk about a wild ride, am I right?

Since then, it’s been a bit of a bumpy road, with prices bouncing around between $0.00002 and $0.00003. But fear not, dear readers, because it seems like BONK is back on the upswing, thanks to some frenzied buying activity in the past few days. The Relative Strength Index (RSI) is currently sitting at a comfy 54, signaling stability for now. Of course, it wasn’t all smooth sailing – just last Saturday, the RSI shot past 80, indicating that BONK was briefly overbought. Hey, nobody said the crypto game was predictable!

Our Bonk Trade Position

As you can see above, we have a diagonal resistance line, that we currently broke. That of course doesn’t mean it’s straight up from here, but it’s a nice setup for a little long position. We entered a long from here, with 10x leverage. Meme coins, including our Bonk trade, are highly volatile. I suggest that if you take a position, you do it with a size you are willing to lose.

On the flip side, the upside on trading meme coins is very high. If we hit our previous ATH of $0.000041, that would be a 1017% profit on our Bonk trade. We ride or die this one, we get rekt or go to Valhalla.

All kidding aside, We do accept the risk of maybe getting rekt with 10x leverage here. But we have partial profit taking set at 0.00023 and 0.000027 ranges. Once near our first TP target, we’re moving our Stoploss to break even to reduce the risk on the downside.

This trade is highly degenerate and should in no way be considered to be financial advice.

Final Words

So, what’s next for our beloved BONK? Well, your guess is as good as mine. With the crypto market being as unpredictable as ever, who knows what twists and turns lie ahead? But one thing’s for sure – whether you’re a seasoned trader or just along for the ride, the world of cryptocurrency is always full of surprises. So buckle up, folks, and let’s see where the BONK train takes us next! 🚀

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