BONK sees 34% volume surge after Gemini listing
The Most Important Points in Brief
- The memecoin BONK saw a 34.44% increase in trading volume following its listing on the crypto exchange Gemini.
- Technical indicators like the symmetrical triangle pattern and the MACD suggest a potential upward movement.
- The Long/Short ratio shows growing buyer interest, indicating positive market sentiment.
What Does the Gemini Listing Mean for BONK?
The recent listing of BONK on the Gemini crypto exchange has caught the attention of traders. Within 24 hours of the listing, trading volume surged by 34.44%. The ability to trade BONK on one of the established platforms has increased the visibility of the memecoin. Investors can now make deposits and withdrawals, which strengthens the coin’s liquidity and trust.
Gemini has already listed other well-known memecoins like Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE). By adding BONK, the coin’s reach could expand further, as it is now accessible to a broader audience.
Technical Analysis: Symmetrical Triangle Pattern as an Indicator
A symmetrical triangle pattern has formed in the BONK/USDT pair. This pattern suggests a potential trend continuation, indicating a possible breakout ahead. Such patterns occur when the price moves within a narrow range and approaches a turning point. If there’s an increase in trading volume, this could lead to a bullish breakout.
Many traders are closely watching this point, as a breakout combined with high volume often leads to new highs. If this happens, BONK could reach new price levels and attract further investor interest.
MACD and RSI: Signs of a Trend Reversal?
The Moving Average Convergence Divergence (MACD) indicator on the 4-hour chart shows a potential trend reversal. A possible bullish crossover could indicate a shift in market sentiment. Additionally, the MACD histogram has shifted from red to light red, indicating a decrease in selling pressure.
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BONK’s Relative Strength Index (RSI) is currently at 38.51, which suggests an oversold situation. If the RSI rises above 50, it could be another signal for an upward movement. Combined with a bullish MACD, this could strengthen buyer confidence and lead to a price increase.
Long/Short Ratio: Optimism Among Traders
According to Coinglass, BONK’s current Long/Short ratio is above 1.0, indicating growing buying interest. This metric shows the ratio of long positions (buying) to short positions (selling). A value above 1.0 suggests that more traders are betting on rising prices.
The recent increases in buying volume point to an optimistic market sentiment. If this trend continues, BONK could experience increased volatility in the coming days, potentially attracting more traders.
Our Assessment
The listing of BONK on Gemini has significantly increased trading volume and interest in the memecoin. Technical indicators like the symmetrical triangle pattern and the MACD suggest a potential continuation of the upward trend. The Long/Short ratio also indicates positive market sentiment, which could hint at further growth.
However, it remains to be seen whether the trading volume and buying power will be sufficient to support a sustained price increase. Traders should closely monitor technical indicators and market volume to make informed decisions.
| Symbol | DOGE |
| Coin type | Alt Coin |
| Transaction Speed | Medium |
| Pros |
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| Cons |
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| Price | $0.32 |
| 24h % | 1.51 % |
| 7d % | -19.39 % |
| 30d % | -17.36 % |
| 60d % | 129.90 % |
| 1y % | 237.61 % |
| Market Cap | $47,217,153,326.00 |
| Official Links | Website | Source Code |
| Socials | Reddit | X |
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