Earliertoday,BinanceannouncedthelistingoftheSolana-basedmemecoinPonke(PONKE)onitsfuturesmarket,drivingitspriceupby12%withinminutes.However,thesurgewasshort-livedasPONKE’spricequicklyretracedallthosegains. Here’sabreakdownofhowitallhappenedandwhatmightbenextforthememecoin’svalue. PonkeSeesRecordVolume,BearishSentiment BinancelistedthememecoinPonkeat12:30UTCtoday,pairingitwithUSDTinaperpetualcontract.Createdin2023,Ponkeisamonkey-themedmemecointhatinitiallygainedtractionamongmemecoinenthusiastsbeforebeingovershadowedbytheriseoftokenslikedogwifhat(WIF)andBonk(BONK). Despitelosingmomentumafterbeingoutperformedbyitspeers,Ponke’slistingonBinancereignitedinterest,causingitspricetosurgefrom$0.44to$0.51.However,thegainswereshort-lived,astheexcitementsurroundingthelistingquicklyturnedintoaclassic“sellthenews”event,leadingtoacompletereversaloftheearlierpriceincrease. Still,PONKE’svolumesoaredtoanall-timehighof$88.57million.Thissurgeimpliesthatthelistingleadstohigherinterestinthememecoin.Butinthiscase,risingvolumealongsidedecliningpriceisbearish,suggestingthatthemetricisstrengtheningthedowntrend. PonkeVolume.Source:Santiment Ifsustained,PONKE’spricemightcontinuetodecrease.Theweightedsentimentaroundthememecoinisanotherfactorsuggestinganaccelerateddrawdown. Thismetricgaugesthebroadermarket’sperceptionofacryptocurrency.Whenitispositive,theaveragecommentisbullish.Butanegativereadingindicatesotherwise. AccordingtoSantiment,thePonkeBinancelistinginitiallyliftedtheWeightedSentimentveryhigh.However,asofthiswriting,ithasdroppedtothenegativeregion,suggestingthatpessimisticremarkshaveplaguedthecryptocurrencyshortlyafterward.Thisalsoindicatesdwindlingdemand,whichcoulddragPONKE’spricefurtherdown. PonkeWeightedSentiment.Source:Santiment PONKEPricePrediction:DeclineMayContinue Alookatthe4-hourchartshowsthattheMovingAverageConvergenceDivergence(MACD)hasfallentothenegativeregion.TheMACDisatechnicaloscillatorthatmeasurestherelationshipbetweentwomovingaveragestospottrends. Whentheindicator’sreadingispositive,momentumisbullish,andthepricecanincrease.Butinthiscase,thenegativeratingsuggestsbearishmomentumaroundPONKE.Hence,thevaluemightdrop. Ponke4-HourAnalysis.Source:TradingView WhilePONKEtradesat$0.432,thiscurrentconditionindicatesthatthememecoinvaluecouldslideto$0.36.However,ifmarketparticipantsbuythedip,thisforecastmightbeinvalidated,andPONKEmightrallytothehighestpointofthewickat$0.62. beincrypto.com