Hi dear friends, hope you are well and welcome to the new trade setup of SONM ( BEP-20 ) ( SNM ).
Weekly view and a big rising channel.
On a weekly time frame, the priceline of SNM token is in an up channel. At the moment it is moving at the support of this channel.
When SNM tested the support of this channel in the month of Jun 2022, then it was surged more than 2200% then after testing the support again in the month of Nov 2022 it rallied more than 9000% and this time it has again dropped at this long-term up trendline support of the channel.
Broke out wedge:
On a daily time frame SNM has recently broken out a falling wedge pattern and now likely to re-test the resistance of the wedge as a support.
Click the link to access the detailed trade setup at Patreon
If someone wants to trade this break out then below can be the trade setup.
Buy between: $0.7475 to $0.8800
1st sell target: $0.9500
Final target: $1.4100
Stop loss: Below $0.6794
Possible profit ratio:
As per above targets there is a profit possibility of upto 88.50% and a loss possibility is upto 14%%, as per the current price.
Conclusion:
Despite on a weekly time frame we have a bearish biased pattern formation, which is a rising channel. But historically every time after getting bounced from the support of this channel SNM is producing massive profits, therefore, it is expected that this time it can repeat the same action again, moreover, the breakout from a a falling wedge pattern is another signal for a massive price reversal.
