PondCoin (PNDC) Shows Bearish Trend with 5% Drop
The value of PondCoin (PNDC) has decreased by 5% in the past 24 hours, indicating a bearish trend. Additionally, trading volumes have fallen by 27%, suggesting a decrease in market activity.
Last week, PNDC experienced a significant bullish rally, reaching an all-time high of $0.00000297 on September 2. However, it has since dropped by 37% from these record levels.
Despite the recent decline, PNDC has still maintained its weekly gains of 54%. While some investors expect another rally at lower prices, the current uptrend is not strong enough.
Pond Coin Risks Losing Recent Gains
Since the beginning of September, Pond Coin has been on a major uptrend. On September 1, PNDC was trading at $0.00000127 before experiencing a massive bull run that pushed it above $0.00000220 within 24 hours.
On September 2, PNDC reached a 14-day high of $0.00000297. However, this price level triggered selling pressure, resulting in PNDC creating lower lows.
In the past 24 hours, PNDC has been trading between $0.00000184 and $0.00000204, indicating low volatility. If the bearish momentum continues, PNDC may drop to a seven-day low of $0.00000157.
PNDC has been attempting to break a key resistance level at $0.0000019. Once it surpasses this price, the next target will be $0.00000225.
Pond Coin Is On Bearish Trend
The bearish momentum is supported by the negative zone of the Moving Average Convergence Divergence (MACD) and the negative MACD histogram bars, indicating that bears currently dominate the market.
The Relative Strength Index (RSI) at 34 reflects selling activity driving PNDC’s recent price action. The RSI line is trending downwards, suggesting that bears may continue to control the market, leading to further price drops.
Despite the bearish trend, the Pond Coin team has highlighted positive developments with the project. The Pond Coin DEX has gained traction in the industry, with 28,945 total swaps and $37.5 million in total volumes.
Hot Take: Wall Street Memes Presale Raises Over $25M
The presale of Wall Street Memes has successfully raised more than $25 million and is currently in its final stage, with the native WSM token trading at $0.0337.
The project plans to list on tier 1 exchanges in 18 days, which could drive further gains for Wall Street Memes.
Investors are showing interest in the staking opportunity provided by Wall Street Memes, with 294 million tokens staked and an APY of 69%. This staking mechanism aims to enhance long-term engagement and mitigate volatility risks during the project’s launch.
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