Sonic's price has confirmed a significant bullish deviation, indicating a potential 55% gain in the current trading range. Seasoned crypto traders should closely monitor this momentum towards the $0.60 target.
The Sonic cryptocurrency has recently confirmed a deviation at a major support level, followed by a strong impulsive recovery candle. The price is now above the daily support level of $0.38, paving the way for a 55.6% move towards the 200-day moving average and the $0.6 resistance.
However, with this bounce at $0.38, Sonic is reinforcing a historically strong support. This support compels many investors to buy, indicating that a significant number of stop losses are placed below. The likelihood of liquidation to the downside increases, so caution is advised for a potential reversal in Sonic’s price in the coming days. It could go even lower, down to $0.3, according to the Mean Reversion Channel.
Such setups often lead to powerful corrections. In the short term, Sonic could break the downtrend line to the north, allowing smart money to sell massively and drive the price to $0.3.
The current range from $0.38 to $0.60 poses a minefield for Sonic. The 4H POC is at $0.45. Reaching the resistance zone between $0.48 and $0.5 will be challenging and will require significant volumes to break through.
When the price enters this region, a reaction may occur, but if the momentum holds and volume remains high, a clear expansion towards the point of control and eventually towards the daily resistance of $0.60 becomes likely. Therefore, buyers must push the price beyond this zone at $0.45-$0.5, for Sonic’s price to reach $0.60.
This deviation has cleared liquidity below the $0.43 support, likely eliminating selling pressure. However, smart money may push the price even lower. With stops to the south, only significant volumes can lift Sonic out of its bearish phase.
In summary, as long as Sonic remains above the $0.38 support and volatility continues with volume confirmation, the odds favour a move towards the $0.60 resistance. The deviation structure strengthens the bullish scenario, setting up a potential 55.6% rotation play.
Here are simple steps to purchase S on Bitget before a potential 55% increase:
Charles Ledoux is a Bitcoin and blockchain technology specialist. A graduate of the Crypto Academy, he has been a Bitcoin miner for over a year. He has written numerous masterclasses to educate newcomers to the industry and has authored over 2,000 articles on cryptocurrency. Now, he aims to share his passion for crypto through his articles for InvestX.
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