$SOPH Bearish Pressure Mounts: Breakdown Imminent or Short-Term Reversal?
SOPH is currently trading around 0.03556, testing key horizontal support after consistent lower highs. Price action is compressing with decreasing volume, signaling a possible breakout from the current range.
Key Levels to Watch
Resistance Levels:
• 0.03585 – Minor recovery zone
• 0.03620 – Short-term breakout confirmation
• 0.03660 – Strong resistance
Support Levels:
• 0.03550 – Immediate local support
• 0.03480 – Breakdown risk zone
Trade Setup
Bullish Entry: Above 0.03585 with a strong candle close
• Target 1: 0.03620
• Target 2: 0.03660
Bearish Entry: Below 0.03550 with volume confirmation
• Target 1: 0.03480
• Target 2: 0.03400
SOPH is showing weakening bullish strength with repeated rejections at intraday resistance. If support at 0.03550 fails, expect a sharp drop. Traders should wait for confirmation before entering either side of the trade.