Bonk, a meme coin in the Solana ecosystem made a sudden move in the early hours of Thursday, its listing on South Korea’s leading exchange Bithumb. The token trading at $0.00002532, boasts a 7% surge in value in 24 hours hours. Based on the Bonk price prediction, the rally has the potential to continue and top the all-time high of $0.000047.

Bonk Price Prediction As Bithumb Exchange Extends Support

According to a report by CoinGape, Bithumb exchange has announced support for various BONK pairs with the Korean won, starting May 16. The exchange said the development follows “an excessive number of requests” from users.

Deposits are supported on the Solana network. Moreover, the exchange said it “will give an airdrop to all members who trade BONK” on the platform.

The announcement has triggered immense excitement leading to massive trading activity as investors and traders move swiftly to book early entries. This underscores the positive impact of exchange listings on tokens in the market.

Bonk spent nearly four weeks oscillating between support at $0.00002 and resistance at $0.000028. An ascending trendline reinforced the support, allowing bulls to put up a strong fight and prevent further losses.

However, their efforts weakened on encountering the seller congestion at $0.000028, hence the doldrums.

BONK’s support on Bithumb comes at a time when Bitcoin price is breaking out towards $70,000. This means that investors are willing to take up more positions in altcoins, including volatile assets like meme coins.

Although retracing below $0.000025, Bonk still shows potential for a larger breakout in the coming sessions or a few days.

The Relative Strength Index (RSI) shows traders’ intent to take profits after the sudden uptick in the price. Should the RSI drop below the midline at 50, the path of least resistance could flip downwards, leaving BONK defenseless against the sellers.

Assessing The Bullish Outlook

A recently formed golden cross pattern could help rally demand demand for BONK, accelerating the bullish momentum. This pattern comes into the picture when a short-term moving average like the 20-day EMA crosses above a long-term moving average such as the 50-day EMA in the case of BONK on the four-hour chart.

Bonk price prediction | Tradingview

Bulls could also nurture a potential ascending triangle breakout. As a continuation pattern, the triangle on the chart allows for consolidation before the next move above resistance at $0.000028.

Traders anticipate a breakout target of at least 45% equal to the height of the pattern. Buy orders would be entered above the hurdle at $0.000028, paving the way for the majestic move to $0.000041. This move will fall short of the ATH of $0.000047 but may build FOMO to support a rally to new record highs.

The post Bonk Price Prediction: Can Bithumb Exchange Listing Trigger 16% Move In BONK Price appeared first on CoinGape.

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Filed under: News - @ May 16, 2024 1:25 pm