The $BONK /USDT pair is currently experiencing a bearish trend, as indicated by the downward sloping price action. However, there are potential support and resistance levels that may provide opportunities for traders.

Support and Resistance

Support: The immediate support level of $BONK located around 0.00002260. A break below this level could lead to further downside.

Resistance: The nearest resistance is at 0.00002497. A break above this level could signal a potential reversal of the downtrend.

Entry Signal

Given the current bearish sentiment, a conservative approach would be to wait for a clear reversal signal before entering a long position. A potential entry signal could be a bullish candlestick pattern, such as a hammer or doji, formed at the support level. Additionally, a break above the 24-hour high (0.00002497) could also indicate a bullish reversal.

Indicators

Moving Averages (MA): The 7-day MA is currently below the 25-day and 99-day MA, suggesting a bearish trend.

Bollinger Bands (Boll): The price is currently below the Bollinger Band middle band, indicating a potential oversold condition.

Relative Strength Index (RSI): The RSI is below 50, suggesting that the asset is oversold. However, a reading below 30 would indicate a more significant oversold condition#ScrollOnBinance #UptoberBTC70K? #XRPDonationsUSElections #APESurge #Write2Earn!