The volume and price action for #Sonic is getting interesting: yesterday, trading volume shrank to just $6.6 million, while the price hovered around 0.036 all day. Today, volume surged back above $30 million, and the price jumped straight to 0.0381, up 7.87% in 24 hours.
The price held steady on lower volume and only moved when volume picked up, suggesting the earlier selling pressure has mostly been exhausted. The moving averages have just turned bullish, with MA7 at 0.0366 and MA25 at 0.0368, and the price is above both. The MACD has just formed a bullish crossover, with the histogram turning positive, while the RSI is only at 48.8—not yet in overbought territory.
First, watch 0.0407 overhead—that’s the high for the past 7 days. If the price holds above it and volume continues, there’s room to move higher. If it can’t hold and volume falls back below $10 million, it will probably keep ranging around 0.0368. $S
The price held steady on lower volume and only moved when volume picked up, suggesting the earlier selling pressure has mostly been exhausted. The moving averages have just turned bullish, with MA7 at 0.0366 and MA25 at 0.0368, and the price is above both. The MACD has just formed a bullish crossover, with the histogram turning positive, while the RSI is only at 48.8—not yet in overbought territory.
First, watch 0.0407 overhead—that’s the high for the past 7 days. If the price holds above it and volume continues, there’s room to move higher. If it can’t hold and volume falls back below $10 million, it will probably keep ranging around 0.0368. $S
