PONKE’s price recently experienced significant fluctuations, marked by a 32% drop from its recent high. This decline, fueled by profit-taking sentiment among investors, has halted PONKE’s attempt to establish a new all-time high (ATH). 

Despite this setback, the altcoin is showing signs of resilience and may still have the potential for a strong rebound.

PONKE Has Potential

The Ichimoku Cloud, a technical indicator that helps predict future price movements and identify trends, is signaling a bullish outcome for PONKE. This cloud, when positioned below the candlesticks, suggests that the asset is experiencing upward pressure, which could lead to further gains. The Ichimoku Cloud consists of several components that generate support and resistance levels, measure momentum, and provide a forecast for possible trend reversals.

For PONKE, the cloud is currently situated below the price candles, indicating underlying support. This setup has historically signaled macro-level growth for assets, regardless of short-term price dips.

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PONKE’s macro momentum also looks promising, as indicated by recent transaction volume data. Following Monday’s 32% drop, transaction volume surged by 54% over the past 24 hours. Despite this increase in volume, PONKE’s price has stabilized rather than declined further, which implies that the majority of transactions are driven by buying interest.

Increased transaction volume amid price stability is generally a positive indicator, as it suggests accumulating interest rather than a sell-off. For PONKE, this trend supports the case for a potential rebound, further bolstered by its Ichimoku Cloud position.

PONKE Price Prediction: Aiming High

PONKE’s price is currently at $0.425, down 32% from Monday’s high, having failed to secure the $0.503 level as support. The inability to establish a new ATH and maintain $0.503 as a support level has introduced short-term caution among meme coin traders.

Historically, PONKE has shown resilience after similar pullbacks, with July’s rally being a notable exception. Given the positive factors from the Ichimoku Cloud and transaction volume, a recovery could be on the horizon. If the meme coin flips $0.503 into support, it may be poised to target a new ATH beyond $0.714.

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However, if PONKE fails to breach $0.503 and turn it into support, the asset could enter a period of consolidation. Should profit-taking continue, a drop toward $0.270 could occur, which would invalidate the bullish outlook and shift market sentiment more conservatively.

Meme coin Mog Coin (MOG) is trading at $0.0000019, up 14% in the last 24 hours, positioning it as the market’s top gainer in that period.

BeInCrypto’s analysis of MOG’s on-chain activity shows a notable increase in engagement among its long-term holders (LTHs) over this timeframe. This analysis examines the renewed demand and its potential short-term effects on MOG’s price trajectory.

Mog Long-Term Holders Propel Price

The spike in MOG’s Mean Dollar Invested Age (MDIA) over the past 24 hours highlights increased accumulation among its LTHs. According to Santiment’s data, this metric increased by 4% during the period under review. 

An asset’s MDIA measures the average age of dollars invested in all its coins held on the blockchain. A rising MDIA signals that holders are keeping assets in wallets instead of actively trading them.

When older coins are sold or transferred, the Mean Dollar Invested Age (MDIA) decreases, signaling profit-taking or a shift in market sentiment as long-term holders (LTHs) start liquidating their positions. Conversely, a spike in MDIA indicates a HODLing trend, suggesting that holders feel confident enough to keep their assets.

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Moreover, for meme coins, which can be highly volatile, a spike in MDIA could imply speculative anticipation of a price rally. This is reflected in MOG’s positive funding rate, which signals a rise in demand for long positions. At press time, the meme coin’s funding rate is 0.20%. 

The funding rate in perpetual futures markets is a tool designed to keep the futures contract price aligned with the underlying asset’s spot price. A positive funding rate indicates that long positions (betting on a price increase) are paying fees to short positions (betting on a price decrease).

MOG Price Prediction: Meme Coin May Reclaim Year-To-Date High

If these long bets prove accurate and MOG continues its trend, it will aim to break through the $0.0000021 level. This represents the last major resistance before its year-to-date high of $0.0000024. Successfully crossing this level would allow MOG to reclaim its year-to-date peak.

However, if market sentiment shifts from bullish to bearish, this BULLISH projection could be invalidated. In that scenario, MOG’s price may lose its recent gains and potentially fall toward $0.0000015.

Today’s trending coins list includes a major top 10 cryptocurrency alongside two altcoins that made the list just yesterday. While some of these altcoins saw notable gains over the past 24 hours, another experienced a sharp decline.

That said, the altcoins trending today, November 5, include Dogecoin (DOGE), Ethervista (VISTA), and Grass (GRASS).

Dogecoin (DOGE)

Dogecoin tops the list of today’s trending coins simply because it has outperformed every other cryptocurrency in the top 10. At press time, DOGE’s price is $0.17, representing a 10% increase in the last 24 hours.

This increase is linked to rising speculation that a win for the US former president could boost Dogecoin’s price. On the technical side, DOGE formed a bullish flag, suggesting that the consolidation period is over and that the price might continue to climb.

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Should that be the case, then Dogecoin’s price could surpass the local top at $0.18. On the flip side, a breakdown below the $0.15 support might invalidate this prediction. In that scenario, DOGE’s price might drop to $0.12.

Ethervista (VISTA)

Yesterday, Ethervista was on the list of trending altcoins. But contrary to its performance on Monday, it is part of today’s trending coins because of a notable rebound. 

Over the last 24 hours, VISTA’s price has increased by 15% and currently trades at $47.86. On the 4-hour chart, the altcoins appear to be seeing an increase in buying pressure, indicated by the recently climbed Accumulation/Distribution (A/D) line.

This notable increase suggests that bulls are protecting VISTA’s price from going down again. If this continues, then the altcoin could rise to $61.03. However, if distribution takes over,  that prediction could be invalidated, and VISTA might drop to $21.41.

Grass (GRASS)

Last on today’s trending coins list is Grass, which has consistently appeared here since its launch on October 28. However, unlike yesterday, the altcoin is not trending because of an increase in price.

Instead, the token has been swinging sideways, suggesting the trader’s indecision. This current condition could be linked to the uncertainty in the market as Bitcoin (BTC) and other top altcoins remain range-bound. From a technical point of view, GRASS bulls need to defend the $1.55 support to prevent a notable decline. 

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If successful, the altcoin’s price might jump to $1.78. On the other hand, a breakdown below this support level could cause a significant correction that could send GRASS down to $1.28.