Phemex Analysis #85: Is it Time to Enter SOPHON (SOPH)?!SOPHON ( PHEMEX:SOPHUSDT.P ), a rising project in the cryptocurrency space, has recently attracted traders' attention with its dynamic price action and notable volatility. Currently trading around $0.055, SOPH experienced a bearish move after failing to maintain earlier gains above $0.065. As the
Trader Abdullah Masood Yu.TuBased on the chart you've shared for SOPH/USDT (15m timeframe) on Binance.
🧠 Key Observations
Current Price: ~$0.05404
Trend:
The market is currently in a short-term downtrend, following a clear rejection from the $0.07+ zone.
Price is ranging slightly after dropping from recent highs.
Liquidit
Trader Abdullah Masood Yu.TuChart Overview
Current Price: ~$0.04908
Price Structure: Downtrend with recent consolidation near support zones.
Indicators:
Fair Value Gaps (FVG) from LuxAlgo: Highlighting imbalances in price.
Strong resistance zones (orange bands) between ~$0.063 to $0.074.
Support zone near $0.0472.
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