$SOMI/USDT - Critical test at MA60 resistance after rim by 6.30%
The price of SOMI rose by +6.30% to $0.1991, coming face to face with the significant MA60 resistance at $0.1999. This rim occurs within a clear multi-week downward trend (7 days: -13.44%, 30 days: -18.84%). The current volume is below its short-term averages, raising doubts about the strength of this move. The MA60 level represents the pivot point for monitoring potential rejection or trend reversal.
Key levels:
Support: $0.1839 (24-hour low) / $0.1987 (recent low)
Resistance: $0.1999 (MA60) / $0.2034 (24-hour high)
Trading idea (Short condition at resistance):
Entry zone: $0.1995 - $0.2020 (when the price rejects from MA60, below the 24-hour high)
Stop loss (SL): $0.2055 (clear breakout above resistance)
Take profit targets (TP):
TP1: $0.1920 (initial target)
TP2: $0.1860 (approaching 24-hour low)
TP3: $0.1830 (breaking 24-hour low)
Logic: The price is moving up towards a key moving average resistance within a stable overall downward trend. Weak volume during the rim indicates a lack of strong buying conviction, favoring the continuation of the downward trend if the MA60 indicator holds as resistance.