The BONK/USD price chart for September 2024 shows that the token is moving sideways, staying within a defined range between 0.00001577 and 0.00002196. This movement, often called consolidation, suggests the market hasn’t decided on a clear direction yet, as buyers and sellers are in balance.
The current price is fluctuating around 0.00001815, showing a slight uptrend after bouncing back from the 0.00001577 support level. Many tests have been conducted on this level, emphasising its significance as a critical area where buyers are stepping in to prevent further decline.
As a trader, you should be focusing on the upcoming hurdle at 0.00002196. Should the bulls surpass this level, they could target the resistance at 0.00002642, which was previously rejected in July. Surpassing this level could indicate a stronger uptrend.
If BONK cannot sustain the current support level, it may fall back to the 0.00001577 range or even reach new lows if sellers dominate. New traders must closely monitor these significant levels as they act as critical points for the market.
Efficient risk management is crucial, especially when trading low-volume tokens like BONK, which frequently exhibit higher levels of unpredictability.
To sum up, BONKUSD is presently in a consolidation phase, so traders should keep a close watch for a breakout that indicates a notable price movement ahead.
This post was last modified on Sep 24, 2024, 14:56 BST 14:56