SONM Trading At Psychological Support
Updated
Yesterday SONM has rejected the 461.8% Fibonacci retracement level applied to the corrective wave up after the uptrend trendline breakout. The support at $0.1 strong psychological level has been rejected cleanly suggesting the potential trend reversal.
At the same time RSI oscillator formed a bullish divergense confirming potential upcoming wave up. Nevertheless, these facts might not be enough or the trend reversal and price might continue ranging near $0.1.
The next expected signal of an uptrend could be the break above $0.145 resistance, where previously SNM/USD has rejected the downtrend trendline as well as 50 Moving Average.
On the other hand if Sonm will go below $0.09, downtrend is likely to continue, at least towards the next strong support area at $0.06
At the same time RSI oscillator formed a bullish divergense confirming potential upcoming wave up. Nevertheless, these facts might not be enough or the trend reversal and price might continue ranging near $0.1.
The next expected signal of an uptrend could be the break above $0.145 resistance, where previously SNM/USD has rejected the downtrend trendline as well as 50 Moving Average.
On the other hand if Sonm will go below $0.09, downtrend is likely to continue, at least towards the next strong support area at $0.06
Trade closed: target reached
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