Bonk Price Prediction: Can Bithumb Exchange Listing Trigger 16% Move In BONK Price

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As a researcher with experience in cryptocurrency markets, I’m excited about the sudden surge in Bonk (BONK) following its listing on Bithumb, South Korea’s leading exchange. The 7% increase in value within 24 hours is noteworthy and could be an indicator of things to come.

In the wee hours of Thursday, the meme coin Bonk, which is part of the Solana blockchain, experienced a surprising jump in value following its listing on the prominent South Korean exchange, Bithumb. Trading at a price of $0.00002532, the token has seen a 7% increase in value over the past 24 hours. According to Bonk’s price forecast, this upward trend could persist and surpass its previous all-time high of $0.000047.

Bonk Price Prediction As Bithumb Exchange Extends Support

Based on a report from CoinGape, beginning May 16, Bithumb exchange will begin supporting trading pairs involving BONK and the Korean won. This decision was made in response to a large influx of user requests.

On the Solana network, deposits are accepted. Additionally, the exchange announced that they will distribute free tokens (an airdrop) to all users trading BONK on their platform.

The announcement has caused a great deal of enthusiasm, resulting in heavy trading among investors and traders rushing to secure initial purchases. This illustrates the significant influence that exchange listings can have on the value of tokens in the market.

For around twenty-five days, Bonk’s price bounced between the support level at $0.00002 and the resistance level at $0.000028. An inclining trendline underpinned the support, empowering buyers to mount a robust defense and thwart additional declines.

I analyzed the market trend and noticed that despite their initial vigor, the buyers’ momentum started to wane when they reached the heavily congested selling price of $0.000028. Consequently, the market became sluggish or stagnant due to this price barrier.

At the moment when Bitcoin‘s price on Bithumb is surging towards $70,000, BONK receives backing. Consequently, this occasion signifies a heightened interest among investors to acquire more exposure not only in Bitcoin but also in volatile assets such as meme coins.

Below $0.000025, Bonk has the capability to experience a significant price surge in the upcoming trading sessions or possibly within the next few days.

The Relative Strength Index (RSI) indicates traders’ readiness to cash in on a price surge. If the RSI falls beneath the neutral mark of 50 post a sharp price rise, the trend may reverse, potentially exposing BONK to downward pressure from sellers.

Assessing The Bullish Outlook

A new golden cross formation in BONK’s four-hour chart could boost interest, intensifying the ongoing bullish trend. This event occurs when a short-term moving average, such as the 20-day Exponential Moving Average (EMA), rises above a longer-term moving average like the 50-day Simple Moving Average.

Bonk Price Prediction: Can Bithumb Exchange Listing Trigger 16% Move In BONK Price

As an analyst, I’d point out that the Bulls may be looking forward to a potential breakout of an ascending triangle formation on the chart. This continuation pattern permits a period of consolidation prior to pushing through the resistance level at $0.000028 for their next upward move.

Traders expect a breakout from the pattern to reach a minimum gain of 45%. They plan to place buy orders above the barrier at $0.000028, initiating the impressive rise towards $0.000041. Although this move falls short of the all-time high ($0.000047), it could generate enough fear of missing out (FOMO) to fuel a rally and set new record prices.

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2024-05-16 16:40