BONK: Retest and Potential PUMP !

BONK is a Solana-based meme coin that has been gaining popularity in recent weeks. The price of BONK has been on a tear, rising from $0.00000001 to $0.0000023 in a matter of days.

After reaching a high of $0.0000023, BONK experienced a pullback and retested the 4-hour upper resistance trend line. This retest could be a sign that BONK is ready for another leg up.

The AMD setup:

The Wyckoff Accumulation, Manipulation, and Distribution (AMD) setup is a popular technical analysis model that describes the three phases of a market cycle:

Accumulation: During this phase, large buyers accumulate tokens at low prices, often creating a bullish chart pattern.
Manipulation: In this phase, the price is manipulated to create the illusion of a strong uptrend, attracting retail buyers.
Distribution: In this phase, the large buyers sell their tokens at high prices, causing the price to dump.
The current BONK chart:

The current BONK chart shows that the price has been following the AMD setup.

Accumulation: The price accumulated in a horizontal range for several weeks.
Manipulation: The price broke out of the range and rallied sharply.
Distribution: The price pulled back and retested the upper resistance trend line.
Why this is a good time to buy:

Retest: The retest of the upper resistance trend line provides a good entry opportunity.
Volume: The volume is increasing, which is a sign of strength.
Social media hype: There is a lot of hype surrounding BONK on social media, which could provide additional fuel for the rally.

BONK has been following the AMD setup and is currently retesting the upper resistance trend line. This could be a good time to buy in anticipation of another leg up. However, investors should always do their own research and exercise caution before investing in any cryptocurrency.

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