The cryptocurrency PONS increased by 13% in a day, trading above $0.62. The trading volume also exceeded $105 million. The rise occurred after PONS bounced off the support zone, which corresponds to a bullish continuation pattern.
On September 14, PONS bounced off the lower boundary of this pattern, approaching the descending resistance line and a key horizontal level around $0.64. If PONS breaks through the $0.64 level, it could lead to the token rising to $0.97. However, if the token fails to overcome this resistance, further consolidation is possible, and PONS may retreat to the lower boundary of the pattern. Indicators show mixed signals. In particular, the accumulation/distribution (A/D) indicator has risen since September 13, indicating greater buying pressure in the short term, although it currently remains negative at -12.49 million. Sellers still control the situation on a broader scale. Additionally, the MACD indicator showed improvement, with the blue line crossing above the orange line, which could support further growth.
The buying volume of PONS in the spot market was about $9.58 million over 24 hours; however, the net flow in the spot market reached -931,000 dollars during the same period. This means that more PONS left the exchanges than were transacted for purchase. The negative flow may indicate a decrease in the immediately available volume for sales, which, in turn, could contribute to a breakout. Nevertheless, the $0.64 level must be defended before PONS can realize its potential to reach $0.97 and $1. Overall, the dynamics of PONS remain under selling pressure despite improvements in some indicators.
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