Sonic Price Hits 500% Volume Growth, Market Signals Vary
Sonic (formerly FTM) price rose 1.8% in the past 24 hours, with trading volume surging 500% to $114 million. Technical indicators such as the ADX and EMA lines suggest that the uptrend is strengthening, with the potential to test key resistance levels if momentum is maintained.
However, the BBTrend indicator’s bearish signal suggests a mixed picture, suggesting traders should remain cautious about a potential reversal.
Sonic ADX Indicates Strong Continued Uptrend
Sonic The Average Directional Index (ADX) is currently at 35.6, up sharply from 21.9 two days ago. This growth indicates a strong and strengthening trend, as ADX is now well above the 25 threshold, which usually signals a strong trend.
The recent formation of a golden cross further confirms the bullishness, indicating that Sonic is poised to continue its current uptrend.
ADX measures the strength of a trend, with values below 20 indicating weakness or range-bound conditions, and values above 25 indicating a strong and clear trend. 35.6 hours, Sonic ADX reflects strong momentum, supporting its continued rise.
This level of trend strength combined with the golden cross suggests that Sonic’s price could rise further if buying pressure persists. However, any stalling in the ADX could signal weakening momentum, potentially leading to a consolidation or pullback.
Sonic BB trend is going down
Sonic BBTrend is currently at -6.8, down significantly from -2.4 a few hours ago. This sharp decline signals increased bearish pressure and a shift in underlying bullish conditions, signaling a weakening trend in Sonic price action.
BBTrend is a technical indicator derived from Bollinger Bands that measures the strength and direction of a trend. Negative values indicate bearish conditions, while positive values reflect bullish momentum. Sonic’s BBTrend is -6.8, indicating increasing bearish dominance, suggesting Sonic may face downward pressure in the near term.
If BBTrend remains negative or falls further, sonic price A stronger downtrend is likely; however, a recovery toward positive values could signal a potential reversal.
Sonic Price Prediction: Can S Hit $1 in January?
Sonic The EMA lines are showing signs that a new golden cross may form soon, potentially signaling a continuation of the uptrend. If such a bullish crossover occurs, Sonic could test resistance at $0.87, a key level for its price momentum.
A break above $0.87 may allow sonic price It climbs further and tests $1.06, a potential gain of 34% from current levels.
On the other hand, mixed signals from ADX and BBTrend suggest caution as they could signal a weakening trend or a possible reversal. if sonic price Failure to maintain the upward momentum could lead to a test of the $0.74 support.
A move below this level would expose Sonic to the risk of further declines, possibly to $0.61, and signal the entry into a bearish phase.
Disclaimer
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