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

John Isige
Updated
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CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
BONK Price Shoots 12% On Major Listing, Is $10B Market Cap Coming?

Highlights

  • BONK’s support on Bithumb comes after overwhelming user requests.
  • BONK jumps 7% after listing announcements but profit-taking threatens uptrend.
  • A potential triangle pattern breakout could propel Bonk to $0.000041 in the coming weeks.

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.

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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.

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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
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.

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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
John is a seasoned crypto expert, renowned for his in-depth analysis and accurate price predictions in the digital asset market. As the Price Prediction Editor for Market Content at CoinGape Media, he is dedicated to delivering valuable insights on price trends and market forecasts. With his extensive experience in the crypto sphere, John has honed his skills in understanding on-chain data analytics, Non-Fungible Tokens (NFTs), Decentralized Finance (DeFi), Centralized Finance (CeFi), and the dynamic metaverse landscape. Through his steadfast reporting, John keeps his audience informed and equipped to navigate the ever-changing crypto market.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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