- Upbit lists Bonk, leading to a 7% price surge shortly after the announcement.
- Technical indicators suggest Bonk could double in value with a potential bullish breakout.
- Increased trading volume and open interest signal growing trader confidence and market activity.
The price of Bonk (BONK) surged by 7% after listing on Upbit, building on a steady rally that has lasted all month. This listing has sparked new excitement among traders, who now wonder if Bonk could see a major breakout. Let’s dive into all the factors driving this optimistic outlook.
Upbit Listing Fuels Fresh Trading Frenzy
South Korea’s largest crypto exchange, Upbit, officially listed Bonk for spot trading on October 22. Traders had been waiting for a new surge, and the announcement came right on time. The BONK/USDT pair became available for trading at 6:00 PM KST, drawing a flood of users eager to jump in.
To encourage early activity, Upbit offered free withdrawal fees for the first 24 hours. Additionally, trading rules restricted sell orders to prevent prices from dropping over 10% of the previous day’s close during the first five minutes. These measures helped create a stable start, reducing early sell-offs and price manipulation.
Technical Indicators Hint at a Bullish Breakout
Bonk has consolidated for months, but technical analysts now see a promising “golden cross.” This occurs when the 50-day moving average rises above the 200-day average, signaling a possible breakout. Current targets point to $0.000035 and $0.000045, suggesting BONK could double from the current value.
The price has been bouncing off a critical Fibonacci retracement level of $0.0000232, which could act as a launchpad for more gains. Trading volume jumped by 30%, showing increased interest among traders. Meanwhile, open interest in BONK futures has surged past $300 million, reflecting a spike in confidence and market activity.
Traders remain optimistic that Bonk’s recent listing will drive more gains in the coming weeks. With technical indicators aligning, the meme coin looks ready for a significant rally, possibly even doubling in value. Bonk may soon reclaim the spotlight, surprising the market once again.
The post Upbit Listing Ignites Bonk Price Surge: Could a 2X Rally Be Next? appeared first on Crypto News Land.
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