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 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.