🚗 #GateSquareCommunityChallenge# Round 1 — Who Will Be The First To The Moon?
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Analyzing the BONK/USDT chart, we have some observations:
Short Term (Today / Next Week)
• Current trend: Bearish trend (recent sharp drop).
• Next support: The price is approaching the support around 0.00001790. If it holds at this level, there may be a small recovery.
• Weak indicators: MACD and OBV do not show buying strength at the moment.
Forecast: The short-term trend is sideways or further decline unless some positive news or large purchase emerges.
Medium / Long Term
• Recent historical high: BONK reached close to 0.00006230, but lost momentum.
• Decreasing volume: The volume is lower than at the last peak, indicating less interest in the asset.
• Still hyped? BONK is a meme coin linked to the Solana ecosystem. If Solana remains strong and there is a new bull market cycle, BONK may benefit.
Forecast:
• If the crypto market continues to be optimistic in 2025, there is a chance that BONK will rise again.
• If it loses support, it may fall to lower levels before a possible recovery.
If you bought at the top, it may be interesting to wait for a rise to sell at least part and reduce risks.