Categories: Crypto

BONK Getting Ready for Next Leg Up: Latest TA Insights

BONK crypto has been in consolidation while

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is just beneath ATH and getting ready to print a new one. It can look scary for traders when they see red colours or -%…, but those are the times to pay attention to your key levels and execute well. No fear, just good risk management!

https://twitter.com/HerroCrypto/status/1924505415301398844?ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow

Herro’s point is actually good. If you open the BONK against BTC daily chart, you will find out that the pair’s market structure is bullish, with higher highs and higher lows.

Please also revisit the last article discussing BONK price, which was $0.015!

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BONK Crypto Ready for Leg #2: Chart Analysis Time

(BONKUSDT)

BONK on the daily timeframe is not only making higher highs and higher lows versus BTC, but also against USD. Against BTC is a bit more impressive, though. Since, and I’ll underline this, Bitcoin is right below its last resistance before a new ATH. This, of course, means that it can be rejected at resistance. It is exciting when a coin behaves as it is expected to! Keep an eye on MA50 and MA100.

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(BONKUSDT)

Now, let’s look at the 4H timeframe. Before that, I’d like to note that even if BTC goes down from here, BONK can still perform strongly against it and make a new high. On this chart, we see two wicks to our price target from the previous article. Whoever caught that move – congrats, since it was a 50% leg! We saw clear rejection and an SFP on this timeframe, which indicated that a retrace is likely. Now we’re looking at these two key zones – MA200 and $0.017.

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(BONKUSDT)

1H timeframe, here we go! RSI has been reset, and the price is now ranging. Ideally, we’d love to not go down to $0.017 and front-run that level. If it happens, the people who have orders that low will have to buy higher, which will feed the new leg up even more. A reclaim of the MAs is what we want to see now, with or without a touch of either green circle. Then a test of $0.025 again, and eventually a break of that level.

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