PONKE — Gearing Up For The Next Pump?

20 Okt

Ponke (PONKE) might be gearing up for its next move after a period of consolidation following its massive pump in early October. Here’s what to watch as the token forms a symmetrical triangle—potentially setting the stage for a bullish breakout.

Let's dive into all details!
▸ About + Tokenomics
- Token Name: Ponke
- Symbol: PONKE
- CoinMarketCap Rank: 229
- Market Cap: 224M
- Volume 24h: 11M
- Total Supply: 555M
- Circulating Supply: 555M

▸ Chart Analysis
PONKE experienced a massive pump during the memecoin hype at the beginning of October. At that time, the token’s price increased by more than 50%. The price was rejected at the 0.44 resistance.

Afterward, the token entered a consolidation phase and has been forming a symetrical triangle with decreasing volume since then. The pattern is generally considered as a neutral consolidation pattern. However, based on the current sentiment a bullish breakout seems likely.

▸ Technical Indicators
- MACD: Bearish 🔴
- RSI: Neutral 🟢
- VMA: Neutral 🔵
- Triple EMA: Price trades between EMAs 🔵
- ADX: 21, indicating no trend 🔴

▸ Trade Setup
- Entry: Wait for a breakout of the pattern to the top driven by a strong volume increase. To be on the safe sid, you can also wait for a break of the 0.44 resistance.
- Profit Target 1: $0.5 (~13% based on the resistance)
- Profit Target 2: $0.55 (~25% based on the resistance)
- Stop Loss: Depending on the entry, slightly below the upper triangle trendline or resistance.