Bonk, a meme token in the Solana ecosystem, made a sudden move early Thursday by getting listed on South Korea’s leading exchange, Bithumb. The token, trading at $0.00002532, saw a 7% increase in value within 24 hours. According to Bonk’s price prediction, the upward trend is likely to continue.
Boost from BONK Listing
A new report reveals that the Bithumb exchange announced support for various pairs like BONK starting from May 16. The exchange stated that this development came after “an overwhelming number of requests” from users. Deposits are supported on the Solana network. Additionally, the exchange mentioned that it would airdrop to all members who trade “BONK” on the platform. The announcement triggered significant trading activity as investors and analysts quickly registered early, highlighting the positive impact of exchange listings on market tokens.
Bonk fluctuated between a support level of $0.00002 and a resistance level of $0.000028 for about four weeks. An ascending trend line strengthened the support, allowing bulls to put up a strong fight and prevent further losses. However, efforts weakened as seller congestion met resistance at $0.000028, causing difficulties.
Current Data on BONK
BONK’s support on Bithumb occurred as Bitcoin’s price surged towards $70,000. This indicates that investors are willing to take more positions in altcoins, including volatile assets like meme tokens. Despite Bonk pulling back below $0.000025, it shows potential for a larger breakout in the coming days. The Relative Strength Index (RSI) indicates investors’ intent to take profits after the sudden price surge. If the RSI falls below the midline at 50, the path of least resistance may turn downward, leaving BONK vulnerable to sellers.
A recently formed golden cross pattern could help increase demand for BONK, accelerating its bullish momentum. This formation occurs when the short-term moving average, like the 20-day EMA, crosses above the long-term moving average, like the 50-day EMA, on the four-hour chart for BONK.
