Cryptocurrency BONK Forms 'Golden Cross' Following 14 Days of Downturn – Predicting Future Price Movements
BONK Bears Brace for Bullish Onslaught
Brace yourselves, bears! BONK, the cryptocurrency, is showing signs of a fierce comeback, with technical indicators and on-chain sentiment hinting at a shift from its previous bearish trend. Here's the lowdown on the potential BONK bonus:
Bulls wrest control after 14-day power struggle
Market data reveals that the bulls have snatched back the reins after losing a grueling 14-day fight. The Bull Bear Power (BBP) indicator confirms this power shift, shedding light on which side currently reigns supreme.
Take a peek at the graph here. A verdant, upward-pointing histogram suggests that the buyers have reasserted their dominance over the sellers. The Moving Average Convergence Divergence (MACD) backs this bullish narrative.
BONK is on the brink of forming a Golden Cross, a bullish signal. This occurs when the blue MACD line cuts above the orange signal line, and if the MACD breaks into positive territory, the rally may gather steam.
Although these signals are evident on the daily chart, there are additional signs hinting at a potential BONK rally.
OKX traders fuel derivatives surge for BONK
The derivatives market is flashing bullish signals, particularly in terms of trading volume, which is skewed in favor of the bulls.
The recent data reveals the Derivative Trading Volume ratio at 1.03, indicating aggressive buying activity. According to our analysis, it's the traders on OKX who are driving this trend. The platform registers a volume ratio of 1.27, emphasizing a surge in bullish activity.
Check out the graph here.
BONK currently ranks second, both in terms of Open Interest (OI) and Trading Volume (TV), with figures at $5.54 million and $14.55 million, respectively. A rising price in tandem with increasing OI and TV often suggests a robust bullish sentiment.
Additionally, OKX leads the pack in BONK Futures Trade Count, suggesting that a substantial portion of the derivative trading volume comes from the most enthusiastic bullish contingent. This bullish sentiment carries over to the spot market as well. Buying activity resumed on June 6, with intensity growing.
As per the latest data, BONK purchases total $987,000 over the past 24 hours. If this trend persists, BONK may sustain its recent positive trajectory.
What to anticipate as BONK approaches critical levels
The charts indicate that BONK's recent gains started following a rebound from a vital demand zone. Now, BONK faces several resistance levels marked by purple lines on the chart.
Take a gander at the chart here.
Depending on market momentum, BONK could either power through these barriers or reverse at each point of resistance.
Are you fascinated by the world of cryptocurrencies? See how our analysis could help you navigate the crypto waves:Cardano: Catching the Wave to $0.85 - What traders need to know
Information courtesy of CoinGlass and TradingView
The bullish trajectory of BONK may continue as market data shows a power shift in favor of the bulls, indicated by the Bull Bear Power (BBP) indicator and the Moving Average Convergence Divergence (MACD).
OKX traders are fueling this bull run, with the derivatives market showing a surge in bullish activity, as evidenced by the rising Trading Volume (TV) and Open Interest (OI) for BONK on the platform.
