Fair value gap to be filled?In the previous downward channel, which was already broken, there is a bullish head and shoulders formation. We can also see that there is a fair value gap at the 0.50 - 0.55 level. An oversold RSI may appear when we reach that level which will back the bullish scenario.
Memecoins are highly correlated to Bitcoin, and now that Bitcoin has been on a two-week long upward rally, a correction might be happening soon. Not to mention, although Germany has finished selling their Bitcoin, uncertainties surrounding the Mt. Gox payouts still loom. Could it be the catalyst for a retracement? A Bitcoin correction will pull Ponke back to a good entry level.
Ponke has a very strong community, most prominently their Instagram page which has over 350k followers and garners millions of reel views. At current prices they stand around 300M market cap which in my opinion is highly undervalued given their popularity.
If we get a good entry around the 0.5 mark, I will be targeting 1.8, which is around 1B market cap.