Analysis of BONK Price Movement
The token BONK recently retraced to a value of $0.00002150, falling just short of the recommended entry range of $0.000020-$0.000021. Although it didn't reach the precise target of $0.000021, the price came remarkably close to the projected range by hitting $0.0000215.
If traders had entered the position at $0.0000215 and exited at the initial profit target of $0.000026, the trade would have generated a return of 20.93% over a span of five days. Despite a minor discrepancy in the entry price, the overall trend closely followed the predicted trajectory.
Price Range Analysis
A detailed examination of the price movement from the macro perspective, starting from the low on June 24 to the high on July 2, using Fibonacci analysis, reveals a significant zone between $0.00002129 and $0.00002158. BONK demonstrated a bounce at this level, establishing it as a support before experiencing a rally.
Fibonacci Retracement
For those who exercised caution and entered at the secondary suggested price of $0.000025, and subsequently exited at $0.000026, the trade still resulted in a 4% gain.
Market Outlook
The current market climate is rife with uncertainty. We recommend refraining from initiating fresh positions in BONK in the immediate future.
Concluding Remarks
The reliability of the Chart of the Week analysis will continue to manifest over the long haul, with the current success rate of predictions standing at an impressive 100%. Expect further analysis every Friday.
Disclaimer: This article is not intended as investment advice. The information and content presented here are purely for educational purposes.
