TradeCityPro | S: Trendline Break Signals Key Support Retest

👋 Welcome to TradeCity Pro!
In this analysis, I’m going to review the S coin—one of the Layer 1 coins for the Sonic network.

💥 This coin currently holds a market cap of $1.43 billion and ranks 58th on CoinMarketCap.

⏳ 1-Hour Timeframe
On the 4-hour chart, as you can see, there’s a large range box between the 0.3939 and 0.6147 levels where price has been moving sideways.

🔍 A key support zone also exists between 0.45 and 0.46, which has received strong bullish reactions, pushing the price upward toward the 0.6147 top via a trendline.

✔️ Currently, this trendline has been broken, and a new support level has formed at 0.4888, which has been tested several times.

✨ If this 0.4888 level breaks, a short position targeting the 0.45 zone and 0.3939 becomes viable.

📈 For a long position, the first trigger is the 0.5266 level. A breakout here would confirm support at 0.4888 and open the path toward the 0.6147 resistance.

🎲 The RSI oscillator is hovering near the 50 level. A sustained move above this could increase the likelihood of the bullish scenario playing out.

📝 Final Thoughts

This analysis reflects our opinions and is not financial advice.

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