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The 4 -hour time frame unveiled a bullish market structure. Somnia Swing traders and investors can try to buy token over the psychological resistance of $ 1, with a real value support that is also marked in the $ 1.1 area.
Dream [SOMI]At the time of writing, rose by 3.75% in 24 hours, with his daily trade volume fell by almost 10%. This, on the back of a triangular pattern in the last few days. Can the bulls maintain the uprising, or will the Altcoin see another dip to $ 1?
Somnia traders have reason to be bullish, but watch out for a price baptism in the short term
Source: Somi/USDT on TradingView
On the 4-hour graph, the swing structure of Somnia was still bullish, despite the retracement below $ 1. The price action of the past two days emphasized, however, that Somi dropped in the direction of the real value Gap (white box) at $ 1.06- $ 1.22.
Now the $ 1.2 region is defended as support, but the great Oscillator showed that the bullish momentum can slow down. However, the sales pressure did not seem to be overwhelming. In fact, the OBV in the trending is quickly after the price drop beyond the $ 1.07 resistance in the short term.
There was some sales pressure for the past 24 hours, but this was small compared to buying since 10 September. And yet it could determine sentiment in the short term and stimulate a price movement in the next 24-48 hours.
Source: Somi/USDT on TradingView
Somnia seemed to zoom in on the graph of 1 hour and seemed to be one Drifting triangle pattern. This pattern is generally a bearish pattern, because it usually comes during a downtrend. In rare cases, as this SOMI presented, this triangular pattern can also form after a bullish.
The sales volume in the last 24 hours was reflected about the OBV, which broke the recent lows in the short term and indicated that sellers prevailed. If this continues, Somnia Bulls may be forced to withdraw into the demand zone of $ 1- $ 1.1.
Source: Coinglass
Finally, the liquidation map showed that the long liquidations up to $ 1.2 were slightly larger than the short liquidations above the head. This meant that a price dip up to $ 1.2 or slightly lower may be a possibility.
The $ 1.2 level was also the basis of the triangle pattern. That is why traders can wait for a retest of $ 1.15- $ 1.2 to buy it token. Invalidation would be a price fall below $ 1-mark.
Disclaimer: The presented information does not form financial, investments, trade or other types of advice and is only the opinion of the writer
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