Hey, traders! Keep a close eye on Somnia ($SOMI). The chart is showing a clear and persistent bearish trend. š
What We're Seeing:
Consistent Decline: The price has been on a steady downtrend from its high, with lower highs and lower lows dominating the chart. This indicates strong selling pressure and a lack of buying support.
Key Levels to Watch:
Support: Look out for the $1.0670 level. This is a crucial area where the price has bounced before. A break below this could signal further downside. ā ļø
Resistance: The $1.2650 level is acting as a strong resistance zone. The price has been rejected at this point, reinforcing the bearish outlook.
Volume & Momentum: Volume remains moderate, without any significant spikes that would indicate a major shift in market sentiment. This suggests the current downward momentum is likely to continue.
Candlestick Clues: The chart is littered with bearish candlestick patterns, confirming the sellers are in control. We're not seeing any strong bullish reversal signals yet. š»
Stay Vigilant! The market's volatility is medium, so be prepared for potential sudden price swings. This is a time for caution.
This analysis is for educational purposes and is not financial advice. Do your own research and manage your risk accordingly.
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