$PONS This line is moving on expanding volume during a panic sell-off. In the past 24 hours, trading value was 87.41 million; the price was hammered from 0.6622 down to 0.5511, a drop of 12.79%. There was no decent rebound in the middle—this is a classic panic-sell structure.
The key is how the volume is distributed. 143 million in trading volume is piled up during the down-leg; at low levels the price tightens and consolidates on reduced volume, indicating that selling pressure around 0.55 has already digested a wave. But buyers also haven’t rushed in. For the short term, watch whether the 0.5511 low can hold. If it breaks, the next support/continuation zone is around 0.52. As for resistance, look directly at 0.62—only if it can reclaim that level can you say the downtrend has been temporarily eased.
Set the stop-loss below 0.5450. First, look at trimming around 0.6050, then try for 0.6350. Plug these numbers into your own position sizing; if it works out, go ahead. If not, stay on the sidelines.
#PONS
The key is how the volume is distributed. 143 million in trading volume is piled up during the down-leg; at low levels the price tightens and consolidates on reduced volume, indicating that selling pressure around 0.55 has already digested a wave. But buyers also haven’t rushed in. For the short term, watch whether the 0.5511 low can hold. If it breaks, the next support/continuation zone is around 0.52. As for resistance, look directly at 0.62—only if it can reclaim that level can you say the downtrend has been temporarily eased.
Set the stop-loss below 0.5450. First, look at trimming around 0.6050, then try for 0.6350. Plug these numbers into your own position sizing; if it works out, go ahead. If not, stay on the sidelines.
#PONS