BONK Teeters on Edge of Golden Cross After Brutal 14-Day Slide – Will Meme Traders Ride the Wave?

Dogcoin''s darkest hour may be lifting—technical indicators flash the first bullish signal since its bloody two-week retreat. But can a golden cross outrun the stench of vaporware and leveraged gamblers?

Chart-worshippers spot the sacred 50/200-day EMA convergence forming, while skeptics eye exit liquidity. Either way, the degenerate casino stays open—just don''t bet the farm on a pattern that works until it doesn''t.

Bulls reclaim market control after 14-day slump

Market data shows that bulls have reclaimed dominance after losing control for 14 consecutive days.

The Bull Bear Power (BBP) indicator confirms this shift, identifying which side currently holds market control.

Source: TradingView

A green, upward-facing histogram suggests that buyers now outnumber sellers in the market. The Moving Average Convergence Divergence (MACD) further supports the bullish case.

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.

Though these are technical indicators on the daily chart, AMBCrypto found additional signs pointing to a potential BONK surge.

OKX traders drive derivatives surge for BONK

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.

AMBCrypto’s analysis reveals that traders on OKX are driving this trend. The platform records a volume ratio of 1.27 in favor of buyers, highlighting increased bullish activity.

Source: CoinGlass

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. Buying activity resumed today, since June 6, and has intensified.

Source: CoinGlass

At press time, BONK purchases total $987,000 over the past 24 hours.

If this trend holds, BONK could sustain its recent upward momentum.

What to expect as BONK approaches key levels

Charts show that BONK’s recent gains began after rebounding from a key demand zone. Now, the asset faces several resistance levels marked by purple lines on the chart.

Source: TradingView

Depending on market momentum, BONK could either rally freely through these levels or retrace at each point of resistance.