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.