Sonic ($S), formerly known as Fantom, is approaching a crucial price level of $0.395. Traders are observing closely: Will it recover or break down? Recent movements suggest a turning point that might determine the token’s next course. The market awaits a solid signal with rising tension.
Sonic and Its Struggle at Key Support
Sonic token price has dipped from approximately $0.61 to $0.45, with conclusive indications of weakness. The 50-day simple moving average stands at $0.5129, over the current price, reflecting bearish momentum. The RSI is at 8.2, indicating a neutral level, pointing to the token being neither overbought nor oversold.
The trading volume has increased slightly, indicating renewed interest, although the $S price remains unstable. Traders are cautiously optimistic but concerned about a further potential dip. The coming days will be crucial for determining Sonic’s direction and market sentiment.
The Sonic price broke a $0.50 support, leaving $0.395 as a key level to watch, as noted by crypto analyst Ali. This zone held firm in early April, making it crucial for buyers. If Sonic holds here, it could spark a short-term rebound. However, if sellers push below $0.395, the token may decline toward $0.375 or lower.
Recent price movements indicate the Sonic token price is forming lower highs and lows, signaling continued bearish pressure. Trading volume will be crucial, as a surge could help defend this support and stabilize the price.
Sonic’s Sentiment: Struggles and Silver Linings
Sonic has experienced difficulties over the past period, dropping to 64th on CoinMarketCap and 78th on CoinGecko. It declined by 51% against Bitcoin over 90 days, making it the second worst performer last week. A social media user even referred to it as a “shitcoin” during the decline, echoing increasing negative sentiment.
On the positive side, Sonic teamed up with Chainwire to provide discounted PR for its applications to increase exposure. Active addresses reached a new all-time high of 907.9K in 24 hours, with the next short-term goal being 1.5 million. This indicates strong developer and user engagement despite current pricing challenges, indicating growth potential.
Sonic’s future is uncertain as it tests $0.395 support. Rising user activity and partnerships offer hope, but many traders express frustration over recent price drops. This negativity risks lowering interest, pushing the token to deeper lows. The forthcoming days are critical in determining whether Sonic can maintain this level.
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