Sonic eyes $0.418 range high, but a more urgent threat looms
Main Idea
Sonic [S] has shown significant price movement, testing key support and resistance levels, with potential for further gains but caution advised due to mixed technical indicators.
Key Points
1. Sonic [S] rallied 19.4% in 24 hours, testing the $0.297 support level and showing potential to reach higher prices.
2. The price has been range-bound between $0.3 and $0.418, with mid-range resistance at $0.356 being tested.
3. Technical indicators like OBV show buying pressure, but CMF and MFI suggest weakness, indicating potential difficulty in surpassing $0.356 resistance.
4. Liquidation heatmap highlights key levels at $0.35 and $0.36-$0.362, suggesting caution for traders.
5. A move past $0.36 with a retest as support could present a buying opportunity, but waiting for a breakout might be safer.
Description
The chances of a breakout past the mid-range resistance were not very high, but traders shouldn't immediately go short.
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