The Ponke crypto is up 35% intraday and is approaching the psychological level of $0.5. The market’s momentum appears to be firmly in the bulls’ favor, with potential to break through this level.
Moreover, the general uptrend in the broader market has also contributed to Ponke’s meteoric rise. Since its inception, PONKE has been highly profitable for its investors. Its recent price trajectory reveals a staggering weekly increase of over 176% and a monthly explosion of 1006%.
Let’s find out whether the bull run has ended or whether the crypto still has room to rise using various metrics and indicators.
Ponke Crypto Volume Analysis
The volume analysis indicates a steady uptick in volume inflow, with a 24-hour volume reaching $73.86 Million, marking an increase of 56.4%. Additionally, the volume-to-market capitalization ratio stands at 38.96%, pointing to a high volatility in the crypto.
Furthermore, there are 429.77 million PONKE tokens in circulation, accounting for 38.9% of the total supply. The total supply of Ponke crypto stands at 555.5 Million tokens.
Can Bulls Continue to Drive Price Above $0.5 Level?
Ponke crypto has been on the rise for the 8th consecutive day, boasting a weekly gain exceeding 176%. The daily chart reveals that the bullish trend intensified following the breakout from an ascending triangle pattern.
Moreover, the pattern, which formed between mid-April and mid-May, had previously set the $0.20 mark as a tough resistance point which was also the previous all time high. However, a rally in the broader crypto market led to a surge past this all-time high.
At press time, PONKE price was on an upward trajectory, overcoming resistance levels as it nears the significant $0.2 threshold. Market watchers are keenly observing to see if it will breach this barrier or face a setback.
Should the price firmly surpass the $0.5 mark, the bullish trend could persist and the crypto may continue to conquer higher levels of $0.55 and $0.6.
Conversely, if the momentum stalls at the $0.5 resistance and the price declines, it could signal a round of profit-taking, possibly driving the price down for a correction towards the $0.4 and $0.35 levels.
Conclusion
Ponke crypto has soared over 35% in a day, nearing the pivotal $0.5 mark, buoyed by a broader market upswing. The crypto has been on the rise for the 8th consecutive session, with a weekly surge of 176% and a monthly leap of 1006%. Volume inflow has spiked by 56.4%, indicating high volatility.
Moreover, the price rally follows a breakout from an ascending triangle pattern, surpassing the previous resistance at $0.20. For now, the $0.5 level may act as a strong hurdle for the buyers. If PONKE crypto is able to surpass $0.5, further gains to $0.55 and $0.6 are possible, while failure may lead to a correction towards $0.4 or $0.35.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
