Sonic weakness continues below support, why price can reach a new yearly low
The post Sonic weakness continues below support, why price can reach a new yearly low appeared on BitcoinEthereumNews.com. Sonic has broken below the point of control, accelerating bearish momentum toward a major confluence zone. Price now approaches the value area low, where a potential bottoming structure may decide its next move. Summary Sonic closed below the point of control, confirming bearish continuation toward the value area low. The current support zone aligns with the yearly low and high-timeframe structure. Reversal requires a bottoming pattern and rising volume to regain bullish momentum. The recent candle close below the point of control (POC) has triggered a strong bearish continuation in SONIC’s (Sonic) price, bringing it rapidly toward the value area low. This region is especially significant as it aligns with the yearly low and a key high-timeframe support near $0.26. The failure to reclaim the value area high and the rejection at daily resistance now serve as major signs of weakness in the market structure. Key technical points: Bearish Breakdown Confirmed: Price closed below the POC and failed to reclaim the value area high. Confluence at Value Area Low: This level aligns with the yearly low and a key high-timeframe support. Volume Profile Weakness: Low demand at highs, followed by bearish volume as price declines. SUSDT (1D) Chart, Source: TradingView Sonic’s inability to reclaim the value area high marked a clear shift in sentiment. After a failed bullish retest, price was unable to close above the key resistance level on a daily basis. This breakdown, combined with a weak volume profile, revealed the absence of sustained buying interest and hinted at a deeper retracement, now confirmed as price descends toward major support. The current move finds price pressing into a region that holds multiple technical significances: the value area low, the yearly low, and the high-timeframe support around $0.26. This confluence makes the level a potential pivot point for the…
The post Sonic weakness continues below support, why price can reach a new yearly low appeared on BitcoinEthereumNews.com.
Sonic has broken below the point of control, accelerating bearish momentum toward a major confluence zone. Price now approaches the value area low, where a potential bottoming structure may decide its next move. Summary Sonic closed below the point of control, confirming bearish continuation toward the value area low. The current support zone aligns with the yearly low and high-timeframe structure. Reversal requires a bottoming pattern and rising volume to regain bullish momentum. The recent candle close below the point of control (POC) has triggered a strong bearish continuation in SONIC’s (Sonic) price, bringing it rapidly toward the value area low. This region is especially significant as it aligns with the yearly low and a key high-timeframe support near $0.26. The failure to reclaim the value area high and the rejection at daily resistance now serve as major signs of weakness in the market structure. Key technical points: Bearish Breakdown Confirmed: Price closed below the POC and failed to reclaim the value area high. Confluence at Value Area Low: This level aligns with the yearly low and a key high-timeframe support. Volume Profile Weakness: Low demand at highs, followed by bearish volume as price declines. SUSDT (1D) Chart, Source: TradingView Sonic’s inability to reclaim the value area high marked a clear shift in sentiment. After a failed bullish retest, price was unable to close above the key resistance level on a daily basis. This breakdown, combined with a weak volume profile, revealed the absence of sustained buying interest and hinted at a deeper retracement, now confirmed as price descends toward major support. The current move finds price pressing into a region that holds multiple technical significances: the value area low, the yearly low, and the high-timeframe support around $0.26. This confluence makes the level a potential pivot point for the…
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