Will Sonic continue lower amid strong downside momentum?
Sonic (S) is trading at $0.04, recording a daily decline of 10.6%. The asset is positioned below its key short- and medium-term moving averages but remains above its longer-term moving average.
0.0376
0.0520
Highlights
- S/USD trades below short- and medium-term moving averages, indicating continued near-term selling pressure.
- Momentum indicators are deeply bearish and oversold, but the potential for a short-lived bounce exists.
- Price is expected to range between $0.0369 to $0.0431 over the next 2 to 3 days, with a high probability of further declines unless resistance at $0.0459 is broken.
Bearish momentum confirmed as key resistances cap recovery
On the hourly chart, S/USD is trading below the MA-20 level at $0.0414 and MA-50 at $0.0424, while on the daily timeframe, the price remains above the MA-200 at $0.0351. The Ichimoku Kijun at $0.0459 is acting as immediate resistance. Momentum indicators show a bearish setup: MACD and ADX are both in sell mode, RSI is at 32.2, Stochastic RSI is oversold, and CCI is also oversold, underscoring strong downside momentum. Bull/Bear Power currently favors sellers, and the Awesome Oscillator aligns with the prevailing bearish trend.
Downside risk prevails as upper boundary limits bullish reversal
In the short term, S/USD is expected to fluctuate within the $0.0369 to $0.0431 range based on recent volatility. The likelihood of further upward movement is very low, while the probability of continued downside remains high. The baseline scenario anticipates price action staying within this corridor, with a sustained bullish reversal requiring a clear break above the resistance at $0.0459. A move below $0.0369 would open the way to additional bearish extension.
Previously it was reported that Sonic faced heightened volatility and indecision, with a bias toward further declines amid bearish technical signals. The current analysis reinforces the downside scenario, highlighting that a break below the $0.0369 support may further intensify selling pressure in the sessions ahead.
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