Sonic in Downtrend as Bearish Sentiment Dominates
Key Takeaways
Sonic [S] is facing a potential short-term price movement. A rise above the $0.622 mark could signal a recovery. However, bearish market sentiment currently dominates. A short-term price increase to around $0.5 is possible, but a sustained trend reversal remains unlikely.
Current Market Development
Sonic has experienced a significant downward movement in recent weeks. The support at 78.6% of the Fibonacci retracement from the February rally did not hold. Instead, this zone acted as resistance, reinforcing the downward movement.
The price dropped to $0.448, accompanied by increased selling volume. The On-Balance Volume (OBV) indicator confirms this trend, as it has fallen below the level where the February rally began. This suggests continued high selling activity.
Technical Analysis: Further Decline Possible
The 4-hour chart shows a clear downtrend. Since the end of February, only lower lows have been formed. The Money Flow Index (MFI) dropped below 20, indicating an oversold market situation. A short-term recovery could follow, but a sustained trend reversal is not in sight.
Another possible price target is $0.374. The current market dynamics continue to suggest a bearish development.
Derivatives Market Shows Low Buying Interest
Open Interest (OI) has declined over the past week, indicating low buying interest among derivatives traders. However, there was a recent increase in Open Interest by $4 million within two hours. At the same time, the Spot Cumulative Volume Delta (CVD) rose, which could indicate short-term demand.
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These factors might trigger a small recovery but are unlikely to have a lasting impact on the overall trend.
Liquidity Zones and Potential Price Movements
According to the liquidation heatmap, the next significant liquidity zone is above $0.5. A short-term increase to $0.522 would be technically possible, but it remains uncertain whether Sonic will actually achieve this rise.
Our Assessment
The current market situation points to a continued bearish trend. A short-term increase could occur, but a sustained trend reversal remains unlikely unless Sonic rises above $0.622. Traders should act cautiously and consider potential recoveries as selling opportunities.
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