Technical analysis by ben_walther about Symbol PONKE: Buy recommendation (10/20/2024)

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 AnalysisPONKE 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.