SONIC Technical Analysis – Bullish Scenario
The overall market structure is still moving inside a long-term descending channel, and the price continues to react to both the upper and lower boundaries. Currently, the price has reached a key demand zone as well as the lower boundary of a secondary falling channel, which may act as a potential reversal area.
On the daily timeframe, the MACD shows a positive divergence, indicating weakening bearish momentum and increasing probability of a corrective upward move.
The bullish scenario suggests that the price may start a corrective upward wave, first testing the mid-range resistance levels. If these levels are successfully broken, the next potential target area lies between $0.14 and $0.22, which represents the medium-term resistance zone. This scenario depends on strong bullish continuation and breakout confirmation.
If the current support fails, this bullish scenario becomes invalid.
This analysis represents my personal opinion and should not be considered financial advice.
The overall market structure is still moving inside a long-term descending channel, and the price continues to react to both the upper and lower boundaries. Currently, the price has reached a key demand zone as well as the lower boundary of a secondary falling channel, which may act as a potential reversal area.
On the daily timeframe, the MACD shows a positive divergence, indicating weakening bearish momentum and increasing probability of a corrective upward move.
The bullish scenario suggests that the price may start a corrective upward wave, first testing the mid-range resistance levels. If these levels are successfully broken, the next potential target area lies between $0.14 and $0.22, which represents the medium-term resistance zone. This scenario depends on strong bullish continuation and breakout confirmation.
If the current support fails, this bullish scenario becomes invalid.
This analysis represents my personal opinion and should not be considered financial advice.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.