Bounce (AUCTION) price jumps 55% as South Korea’s largest crypto exchange announces listing

Bounce (AUCTION) saw its price shoot up 55% on May 29 morning to reach highs of $31.67. After trading flat for most of the past week, Bounce Finance’s native token skyrocketed to hit its highest level since February.

Bounce Token (AUCTION) price surges on Upbit listing

AUCTION price had earlier traded at lows of $17, but went vertical after news that Upbit, South Korea’s largest crypto exchange, would add support for the AUCTION/KRW pair.

According to an announcement from Upbit, trading support for the Bounce token would start  at 18:50 local time on May 29, 2024.

While Bounce trades on top crypto exchanges such as Binance and OKX, the news of its listing on Upbit with the Korean won pair appears to have catalysed a sharp surge. The token’s 24-hour trading volume increased nearly 400% to hit $131 million as the market cap surpassed $200 million.

Data from CoinGecko shows that Bounce (AUCTION) price was up more than 78% in the past week.

The upward flip follows an downtrend seen since February. Notably, AUCTION traded to an all-time high of $70.44 on Apr 12, 2021.

What is Bounce Finance?

Bounce Finance is a decentralised auction platform, with the Bounce Token (AUCTION) as the native utility token.

AUCTION powers the Bounce ecosystem of decentralized applications (dApps), offering holders utility such as governance, staking, in-app auction currency and network rewards.

The Bounce protocol supports the Ethereum mainnet and offers a swap environment, with auction-as-a-service and Bounce Launchpad offerings. Users on Bounce can swap digital assets, including NFTs with limited liquidity.

Details on its website indicate investors and partners include Binance Labs, Coinbase Ventures and Pantera Capital among others.

AUCTION price outlook

Bounce’s token price is seeing upside momentum amid a broader crypto market slowdown. Bitcoin and Ethereum are hovering below $68,000 and just above $3,800 respectively.

The sudden spike in buy pressure for AUCTION might therefore see some profit taking deals and likely have prices retreat to support levels.

On the daily chart, the price of AUCTION is above a horizontal line that previously acted as key support and resistance area. If price holds above this trend line, a decisive break above $30 could allow bulls to target $35 as the next major hurdle.

Bounce price chart showing AUCTION/USDT. Source: TradingView

There’s the potential for a large green candle printing on the daily chart, and the Moving Average Convergence Divergence (MACD) indicators is also positive.

However, the Relative Strength Index (RSI) is in the overbought zone and AUCTION might rely on support levels at $21.95 and $19.

Bounce price is currently around $25.64.

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