#SOPH After an extended decline, SOPH found support around 0.0011860 and began showing the first signs of recovery.🐳
I expect the price may consolidate for a while in the 0.00127–0.00137 range, forming a base for further movement.
The first sign of strengthening buying pressure will be a break above the MA50 (0.0013681).
But the key level I’m watching is the weekly Pivot at 0.0014030.
A sustained move above it and a successful retest could open the way to the next targets:
🎯 0.0016359 — weekly R1.
🎯 0.0018070 — horizontal resistance, coinciding with the descending trendline area.
If the price breaks decisively above the trendline, the next target could be the 0.0020138–0.0020400 area, where the MA200 and weekly R2 are located.
🔎 How am I planning to trade?
My preferred approach is to wait for the price to hold above 0.0014030 and look for an entry on a retest of this level, with buying pressure confirmed.
A more aggressive approach is to look for a local entry after consolidation above the MA20, while taking into account the resistance levels just above the price.
📉 Alternative scenario
If buyers fail to hold the 0.0011860 support, the next downside target will be the weekly S1 at 0.0009989.
I expect the price may consolidate for a while in the 0.00127–0.00137 range, forming a base for further movement.
The first sign of strengthening buying pressure will be a break above the MA50 (0.0013681).
But the key level I’m watching is the weekly Pivot at 0.0014030.
A sustained move above it and a successful retest could open the way to the next targets:
🎯 0.0016359 — weekly R1.
🎯 0.0018070 — horizontal resistance, coinciding with the descending trendline area.
If the price breaks decisively above the trendline, the next target could be the 0.0020138–0.0020400 area, where the MA200 and weekly R2 are located.
🔎 How am I planning to trade?
My preferred approach is to wait for the price to hold above 0.0014030 and look for an entry on a retest of this level, with buying pressure confirmed.
A more aggressive approach is to look for a local entry after consolidation above the MA20, while taking into account the resistance levels just above the price.
📉 Alternative scenario
If buyers fail to hold the 0.0011860 support, the next downside target will be the weekly S1 at 0.0009989.
