Sonic (S) splashed from the historical bottom levels in the middle of the stagnant Altcoin market and gained 31 %. It is currently traded at $ 0.47. Sonic, who has experienced a harsh decline in the last three days, entered into the recovery process with the interest of investors with great interest with the “buying from the bottom” strategy. In the last 24 hours, it has made an increase of close to 10 %.
Sonic’s transaction volume is increasing and Altcoin investors show more demand
On Thursday, Sonic’s entrances in the spot markets showed that the demand for Altcoine was revived. According to Coings data, a total of $ 215,000 entry has been realized as of now.
Although this figure seems to be low at first glance, it gives an important return signal after the outputs during the previous two days. The increase in spot market entry shows that investor confidence increases and the price strengthens the potential to move upward.
However, Sonic’s open positions in the futures market tend to increase. As of now, it has increased by 41.05 million dollars and increased by 33 %in the last 24 hours.
SONIC (S) Price Estimation: What happens if the 20 -day EMA resistance is exceeded?
In terms of technical analysis, Sonic’s price is preparing to break the 20 -day exponential moving average (EMA) level, which is an important resistance level.
20 -day EMA measures the average price of the asset in the last 20 days and provides information about the short -term trend direction. A permanent breakage above this level indicates that the tendency to rise may continue.
If the Sonic price breaks this resistance, the rise acceleration may accelerate and the price can be expected to climb to $ 0.59. However, if investors turn to profit sales, the price may decrease again and may decline to $ 0.33.
As a result, what kind of price movement Sonic will show in the coming days will depend on how the investor interest and the general market conditions are shaped.
