Sonic price has staged a significant comeback with a 10.09% increase in its value by the time of the latest daily candle. After weeks of bearish force and a squeeze, it has appeared that the S crypto is preparing to make a possible breakout that might propel it to the $0.43 resistance.
Is this simply a short term rally or is this the start of a wider bullish trend?
Trend Break and Key Support Retest For Sonic Crypto
The Sonic (S) price has just exploded out of a several week down-sloping trendline that had contained its movement since mid-May. This trend line break took place when the token hit the key support level of $0.25 and $0.30 which was indicated in the chart as a demand block (critical support zone is this case).
The RSI indicator has as well climbed out of the oversold (June low) area and is currently trading at the range of 43. It is not bullish yet, but it already indicates a decline in the selling pressure. Moreover, a gradual change of sentiment toward bullish. The current bottom formed by the RSI is consistent with a short term,further signifying that momentum is turning towards positivity.
Next Resistance at $0.362 Or $0.43?
At the current price of $0.3223, buyers of Sonic crypto should also watch out at the resistance level of $0.3620. Notably, a breakout above this has potential to take the price up to test the level of $0.43, which is a former supply area.
But, to keep the uptrend in motion, buyers must keep the $0.30 psychological mark in check and carry along with them the volume. This price point is crucial as it can be considered a make or break situation for the altcoin.
Endnote:
A recent 10% pump and structural breakout forms a short-term bullish scenario in the case of Sonic. Assuming the further momentum and the respect of important levels, then $0.43 is a practical upside aim in the future sessions.
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Disclaimer: The Crypto Times does not endorse or promote this (Sonic S) cryptocurrency token in any manner. This article was written only for the purpose of education. Make sure to do your own research before investing in this or any digital asset.
