Ponke (PONKE) could be setting up for its next move after a period of consolidation following a major pump in early October. Here’s what to watch as the token forms a symmetrical triangle, which may pave the way for a potential bullish breakout. Let’s break it down:
▸ Overview & Tokenomics
- Token Name: Ponke
- Symbol: PONKE
- CoinMarketCap Rank: 229
- Market Cap: $224M
- 24h Volume: $11M
- Total Supply: 555M
- Circulating Supply: 555M
▸ Chart Analysis
PONKE saw a significant pump during the memecoin rally in early October, with its price soaring over 50%. However, the token faced resistance at $0.44, leading to a consolidation phase. It has since been forming a symmetrical triangle pattern with declining volume. While this pattern is typically neutral, the current sentiment suggests a bullish breakout is likely.
▸ Technical Indicators
- MACD: Bearish 🔴
- RSI: Neutral 🟢
- VMA: Neutral 🔵
- Triple EMA: Price is trading between EMAs 🔵
- ADX: 21, indicating no strong trend 🔴
▸ Trade Setup
- Entry: Wait for a breakout to the upside, confirmed by an increase in volume. For a safer play, you can also wait for the price to break through the $0.44 resistance level.
- Profit Target 1: $0.50 (~13% based on resistance)
- Profit Target 2: $0.55 (~25% based on resistance)
- Stop Loss: Depending on the entry point, set it just below the upper triangle trendline or resistance level.