Sonic (S) Falls 10% After a Strong Rally As Bullish Momentum Fades
- Sonic (S) drops nearly 10% after a solid rally indicating bearish signs.
- Key support at $0.71 could be tested if the price decreases further.
Sonic (S) is down almost 10% in the last 24 hours, with its market cap now at $2.34 billion. However, it seems it is a mild correction after a strong rally. The price facing a strong psychological resistance of $1. If buyers succeed in breaking this level, then a fresh rally might be seen.
As per the Trading View data, Sonic crypto price performed well in the last few weeks and succeeded in pushing the price near the $1.00 resistance. It gives phenomenal returns to its investors. Last month it increased by almost 40.89% and last week it surged by 58.02%.
According to CoinMarketCap data, currently, the Sonic crypto price is trading at $0.81650 with an intraday drop of 10%. The 24-hour trading volume is $318.68 million and the market cap stands at $2.35 billion. The community sentiment is 87% bullish and 13% bearish.
What Does The Price Drop in Sonic Price Indicate?
Source: Tradingview
The sudden drop in the price along with the volume denotes a profit booking after a robust rally. So, it seems like Sonic Crypto might bounce back after taking support on the 50-day EMA level. Therefore, new participants can look to buy $S crypto at the current level because the probability of reaching $1 in March is high.
Moreover, the trading view technical summary also supports the analysis. As per the technical summary of the trading view for Sonic crypto, out of 16 indicators 2 are on the sell side, 6 are on the neutral side and 8 are on the buying side, suggesting bullishness.
The analysis suggests Sonic can regain its bullish momentum in the upcoming days. To confirm these bullish moves, it would need buyer support at the $0.71 level. If buyers can defend this support level and push the price above upper resistance bands, then investors might notice Sonic smashing the $1 mark in the upcoming days.
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Read more: https://thenewscrypto.com/sonic-s-falls-10-after-a-strong-rally-as-bullish-momentum-fades/
Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
