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PONS Price Sinks 12% Amid Whale-Driven Token Dump

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PONS, a cryptocurrency, fell by 12% in value after a large investor withdrew and sold 2.25 million tokens on Binance.

The tokens were sold for approximately $1.29 million in USDG and ETH, according to Nansen's on-chain data.

The current price of PONS sits at $0.58, which is close to the lower support level provided by the Bollinger Band at $0.55.

The technical indicators suggest a bearish trend for PONS, with the EMA50 resistance at $0.64 and the EMA200 providing a deeper floor at $0.45.

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