Ponzio the Cat (PONZIO) Price Increases 268% in a Week, Still Worth Buying?

Bittime - Ponzio The Cat (PONZIO) managed to record an extraordinary increase. This memecoin rose 268% in a week, even up 9,420% in the last 30 days. The question is, is this meme coin still worth buying? The answer is in this article!

The price of Ponzio The Cat (PONZIO) soared 45% throughout yesterday, reaching $1,131 at 3:30 am EST before dropping to $1,079.39 now. 

This surge was supported by an 80% increase in trading volume, reaching $4 million. Interestingly, the market capitalization of this new meme coin is at $1.2 million.

PONZIO Price Notes 

Since its launch last June, PONZIO has quickly attracted the attention of investors and traders. The coin has successfully established partnerships with leading crypto platforms such as CoinMarketCap, DEXTools, and CoinGecko, further strengthening its position in the market.

Read also: Types of Memecoins that You Should Know

PONZIO Technical Analysis

From a technical perspective, PONZIO shows promising signs. After some time of consolidation, the price of the coin broke the resistance level with strong support at $695.20. 

Currently, PONZIO is trading above both the 50 and 200 Simple Moving Average (SMA) lines, indicating strong upward momentum and bullish market sentiment.

The Moving Average Convergence Divergence (MACD) indicator also gives a positive signal, with the MACD line above the neutral line and a green histogram indicating increasing investor interest. Meanwhile, the Relative Strength Index (RSI) has moved from the mid-50 level to the overbought 90 level, indicating strong buying pressure.

PONZIO Potential and Risks, Still Worth Buying?

With the ongoing upward trend, it is possible that PONZIO price will continue to rise beyond the $1,079 level, perhaps even reaching a new record in the next few weeks. 

However, investors also need to be careful. RSI which is in the overbought zone can trigger a selling action if the price starts to be corrected. In this scenario, the $914 support level will be the key to observe whether the price will stabilize or fall further.

Read also: Top 4 Meme Coins Worth Considering for HODLing!

The View of the Experts About PONZIO

While PONZIO's rise is impressive, some crypto experts advise caution. They warn that the meme coin market is highly volatile and high risk. 

Some observers even suggested considering other alternatives, such as the "2.0 SHIB" project which is considered to have stronger fundamentals and more promising long-term potential.

Conclusion

The Ponzio The Cat phenomenon once again shows the unique dynamics of the cryptocurrency market, especially in the meme coin segment. For interested investors, it is important to conduct in-depth research, understand the risks involved, and not invest more than you can afford to lose.

Despite the pros and cons, PONZIO's surge is a reminder of the huge potential and high risks inherent in crypto investments, especially in the meme coin sector. 

For players in this market, vigilance, careful analysis and good risk management remain key. So, are you interested in this newest meme coin?

How to Buy Crypto on Bittime

You can buy and sell crypto assets easily and safely via Bittime. Bittime is one of Indonesia's best crypto applications, officially registered with Bappebti. 

To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also ensure you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. Study Complete Guide How to Buy Crypto on Bittime. 

Monitor graphic movement of Bitcoin (BTC) price, Ethereum (ETH), Solana (SOL), and other cryptos to find out today's crypto market trends in real-time on Bittime.