BONK Cryptocurrency Surges 10% as Bullish Momentum Builds

BONK, a cryptocurrency, is showing signs of a potential bullish takeover as technical indicators and on-chain sentiment suggest a shift from its previous bearish trajectory. Following a 21% decline over the past month, BONK has recorded a 10% gain in the past 24 hours, indicating a possible reversal in its downward trend.

Market data shows that bulls have reclaimed dominance after losing control for 14 consecutive days. The Bull Bear Power (BBP) indicator confirms this shift, suggesting that buyers now outnumber sellers in the market. The Moving Average Convergence Divergence (MACD) further supports the bullish case, as BONK appears close to forming a Golden Cross—a bullish signal that occurs when the blue MACD line crosses above the orange signal line. If the MACD enters positive territory, the rally may gain even more momentum.

The derivatives market is also flashing bullish signals, particularly in terms of trading volume, which now tilts toward buyers. Current data shows the Derivative Trading Volume ratio at 1.03, indicating more aggressive buying activity. Traders on OKX are driving this trend, with the platform recording a volume ratio of 1.27 in favor of buyers, highlighting increased bullish activity. BONK now ranks second in both Open Interest (OI) and Trading Volume (TV) among listed assets, with figures at $5.54 million and $14.55 million, respectively. When price increases alongside rising OI and TV, it often suggests a strong bullish sentiment.

Additionally, OKX leads the market in BONK Futures Trade Count, implying that a large portion of derivative trading volume stems from the most bullish group of participants. The spot market supports this view, as buying activity resumed today and has intensified. At press time, BONK purchases total $987,000 over the past 24 hours. If this trend holds, BONK could sustain its recent upward momentum.

Charts show that BONK’s recent gains began after rebounding from a key demand zone. Now, the asset faces several resistance levels. Depending on market momentum, BONK could either rally freely through these levels or retrace at each point of resistance. If BONK can break through these resistance levels, it could continue its upward trajectory and potentially reach new highs. However, if it fails to do so, it may experience a pullback and retest previous support levels.