The cryptocurrency market remains volatile, providing opportunities for traders. Sonic (SONIC), a digital asset that has seen fluctuations in value, is currently trading at $0.01722, reflecting a 2.5% increase in the past 24 hours. Recent market movements indicate a potential rebound.
Overview of the Sonic Market
According to TD Sequential analysis, Sonic may be starting to recover which indicates that downward pressure should weaken. The RSI indicator currently resides in its neutral region without indicating powerful buying signals. Current price consolidation at a lower level within Bollinger Bands indicates that market pressure could sustain its downward direction.
Emergence of a Bullish Signal
The Sonic price has demonstrated moderate movement with a range from $0.01655 to $0.01781 during a 24-hour period. The bullish signal has appeared through the TD Sequential indicator, which on the chart suggests a potential upward movement. If the TD Sequential signal is accurate, Sonic could witness a short-term price appreciation.
Continuation of the Downtrend
The Sonic 1-hour chart represents a clear downtrend with the sell signal. The RSI is at 47.70, suggesting the asset is neither in overbought nor oversold territory. Price action stays close to the lower band of Bollinger Bands, confirming the bearish trend.
Despite some signs of potential growth, current technical indicators remain neutral or downward, indicating ongoing market pressure.
