PONDUSDT SPOT forum
PONDUSDT We see the tightening of the descending channel, forming a descending wedge. The crypto market has been weak for months and people are probably thinking about giving up.
However, we are on the brink of a rate cut in the US - which might favour risk-on assets.
We will have to see if this descending wedge will break-out to the upside. If so, we might be looking at reasonable targets of $0,045 and $0,1.
PONDUSDT When we take a closer look on the daily timeframe, we see a bullish divergence forming between the price and the MACD. POND seems to be respecting the descending channel as it hasn't closed below it.
We are trading at the low-end of the VWAP of the current trend.
We are also trading below the POC ($0,0157) of the current trend.
As speculated in previous posts, we are now trading within the $0,015 and $0,012 zone. This might be an optimal buy-in zone; a great opportunity for people to start a new position or for averaging down for existing holders.
PONDUSDT POND is trading at the low of the descending channel, we fell below the low of the VWAP, and touched the LOW of the weekly BB (based on 30 SMA) - we found support at $0,01 and didn't close below $0,012 on the weekly timeframe. Now we're trading around the all-time POC.
PONDUSDT Is still trading within its descending channel, forming a cup and handle on the larger timeframe
PONDUSDT Recently we bounced on the POC of the main trend at 0,0157; the all-time POC is around 0,012 which coincides with the lower band of the VWAP
PONDUSDT Strong price reaction on POC of macro trend
PONDUSDT Will this be the bottom for POND or we will bounce off the lower end of the VWAP first?
PONDUSDT The retest of the downward channel is rejected, and the price fell through. We could be entering the range between 0,015 and 0,012 and make a reversal there
