Technical analysis by taika808 about Symbol BONK: Sell recommendation (7/15/2025)

BONK is showing signs of exhaustion after its recent breakout above the descending trendline. The price has reached a key resistance zone around 0.00002854, which aligns with previous highs from earlier in the year. Key Technical Signals: RSI approaching overbought levels near 80 Price struggling at major resistance confluence Volume appears to be declining on recent advances Long-term descending trendline now acting as potential support Pullback Scenario: The most likely correction target would be the green support zone around 0.00002000-0.00002100, which represents: Previous resistance turned support 50% retracement level Confluence with broken trendline Risk Considerations: Crypto markets can remain overbought longer than expected Strong momentum could push price to next resistance at 0.00003986 A break below 0.00001717 would invalidate the bullish structure The setup favors a healthy pullback before any continuation higher, making this an ideal zone to wait for better entry opportunities.