$SOMI maybe heading for a correction.

Price is now getting rejected from

reaching above 1.10-1.15 level.

You can see this as on 1HR TF—

there are couple things on the

chart to monitor.

1) Tweezer top candle on the left has formed.

2) Shooting star candle has formed in the

middle.

3) And now breach of initial MA support at 1.11.

4) MACD bearishly crossed over & RSI(6) is now curving down.

Watch closely for reaction at 1.05 level for support.

We could potentially expect $SOMI bounce

at this level if it holds or expect a even

sharper decline if sellers still remain active.

For now bears are starting to regain control,

but still we don't want run into a bull trap,

so as always take high caution before making

any moves.