- The Sonic price has soared 12% in the past 24 hours to trade at $0.50.
- If Sonic breaks above $0.50 it has the potential to reach its target at $0.75 in the coming sessions.
- The bullish momentum is seen on technical indicators such as RSI and MACD.
The crypto market has embarked on a bullish outlook following the positive results from the U.S. CPI data, which dropped to 0.2% in February. The positive sentiment has seen the global market cap surge to $2.70 trillion while the 24-hour trading volume has fallen to $98 billion.
The majority of crypto prices are back to trade in the green, with PEPE and Sonic leading among the day’s top gainers. Sonic has seen significant fluctuations, with the price recently shooting up and hitting $0.9800 in mid-February. However the rally did not last long after the broad market got a setback.
Sonic formed a descending channel pattern after the bearish trend, which dropped the price to seek support at the $0.4000 mark. As a result, the altcoin has dropped 10% on the weekly chart.
However, at press time, the altcoin is trading at $0.5000, up 12% in the past 24 hours according to CMC data. In addition, its market cap and 24-hour trading volume have surged to $150 billion and $1.39 billion, respectively.
Sonic Price Eyes Breakout as Market Shows Bullish Potential
Sonic has been trading within a descending channel and facing consistent resistance. However, the price recently broke above the channel’s upper trendline. A bullish reversal may be indicated by this movement provided buyers manage to sustain this momentum.
According to the chart, the upside is projected to be about 40% reaching the $0.75 level. Besides, SONIC has reclaimed key support zones, which strengthens bullish sentiment. A successful breakout could lead to price acceleration toward the next major resistance. The upcoming sessions will determine if this breakout holds.
The $0.50 level must be closely watched by traders as it has served as a pivot. However, if the price stays above it there is room for further gains. Still, a failure to hold could cause a retest of lower supports.
Technical Indicators: Sonic Price Eyes Price Recovery
Technical indicators on the 4-hour chart display a bullish reversal of Sonic’s price movement. Indicators such as the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) display a bullish shift from the continuous downtrend.
The RSI has climbed to the 60 index above the neutral zone, indicating increased buying pressure. Should the current trend hold, the RSI could climb to the overbought region, potentially pushing the price higher for a break above the key resistance at $0.62.
In addition, the MACD indicator is turning positive, with the MACD line trending for a crossover above the zero line. The histogram prints green bars suggesting a strong bullish momentum which could rally Sonic’s price.
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