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<p>Sjuul | AltCryptoGems, a top analyst, has identified potential bullish signals for the digital asset $BONK. In a <a href="https://x.com/AltCryptoGems/status/1782743975604232323" target="_blank" rel="noopener noreferrer nofollow">tweet</a>, the analyst shared a chart analysis, highlighting key patterns and levels that could suggest a favorable outlook for $BONK. He stated, “$BONK had a nice rally lately, now is consolidating just below a key resistance level. You can see a sort of cup &amp; handle pattern forming here. Pay attention for a possible breakout!”</p>
<h2 class="wp-block-heading" id="strong-breaking-the-bearish-trend-a-technical-turnaround-strong"><strong>Breaking the Bearish Trend: A Technical Turnaround</strong></h2>
<p>The chart, presented on a 4-hour candlestick timeframe, reveals a descending trendline connecting the lower highs from left to right. This trendline indicates that the market has been in a downtrend over the period covered. However, a significant development is the break of this descending trendline, which is typically considered a bullish signal, hinting at a potential change in trend from bearish to bullish.</p>
<figure class="wp-block-image"><img decoding="async" src="https://lh7-us.googleusercontent.com/docsz/AD_4nXdl_-euGsk5DkkR1DEQsBlfUKHUD4oXXtic3PamC8Ecq0lj_xMI0XUxvJ81H1dgrZpFqGoUXNnhX3Iv_algCyqV9ozgzSfd2GUY44BrHYlTWNBnqGQhAUXa0jGnHeLJjpg5oUyWovfbOJSEHmBCACsU-LD4?key=PEUi4gA4ATg15pFXxS8zaQ" alt="">
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<p>Moreover, one of the notable features highlighted by the analyst is a green-shaded support zone. This area represents a price level where the asset has found a floor, with buyers historically stepping in to provide a potential bounce for the price. Additionally, the chart illustrates a ‘Cup &amp; Handle’ pattern, a bullish continuation pattern that suggests a slow and steady recovery from a previous downtrend.</p>
<p>The ‘Cup’ portion of the pattern is a U-shape or rounding bottom, while the ‘handle’ is a smaller downward drift in price following the cup, indicating a final sell-off before a potential bullish breakout. Sjuul | AltCryptoGems has also annotated a ‘Minimum Price Target,’ which implies the potential upside that may be achieved if the pattern is confirmed.</p>
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<h2 class="wp-block-heading" id="strong-flag-pattern-and-market-continuation-strong"><strong>Flag Pattern and Market Continuation</strong></h2>
<p>Moreover, after the breakout from the descending trendline, the chart shows a small consolidation in the form of a flag pattern. This continuation pattern suggests that after a strong move up (the pole), the price consolidates sideways or slightly downwards (the flag) before potentially continuing in the direction of the initial move.</p>
<p>Hence, analysts and traders will closely monitor the price action of $BONK to see if the bullish patterns identified by Sjuul | AltCryptoGems play out, potentially leading to a continuation of the upward move.</p>
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<p>The post <a href="https://captainaltcoin.com/bullish-breakout-imminent-for-bonk-memecoin-analyst-highlights-emerging-cup-and-handle-pattern-what-to-watch/" rel="noopener noreferrer nofollow">Bullish Breakout Imminent for BONK Memecoin: Analyst Highlights Emerging Cup and Handle Pattern – What to Watch</a> appeared first on <a href="https://captainaltcoin.com" rel="noopener noreferrer nofollow">CaptainAltcoin</a>.</p>

Bullish Breakout Imminent for BONK Memecoin: Analyst Highlights Emerging Cup and Handle Pattern – What to Watch

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CaptainAltcoin

Alte articole publicate pe 23 apr. 2024

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