Somnia (SOMI) fell by 50% after its all-time high price.
The SOMI price follows a descending resistance trend line.
Has SOMI ended its correction, and will it surge to new highs?
Somnia (SOMI) has sharply declined since its September peak, dropping more than 50% before bouncing.
SOMI broke out from a descending resistance trend line today, sparking hopes of a bullish trend reversal.
Momentum indicators have turned positive, and the wave count predicts new highs.
If SOMI sustains its momentum, it could surge to a new all-time high in October.
Somnia Price Breakout
The six-hour time frame analysis shows that the SOMI price fell under a descending resistance trend line after its all-time high of $1.90 on Sept. 7.
Somnia’s decline led to a low of $0.67 on Sept. 29, more than 50% below the all-time high.
Somnia broke down from the $0.90 horizontal support area during its correction and nearly fell to a new all-time low.
Get These Top Crypto Casino Offers Now!
Sponsored
Disclosure
We sometimes use affiliate links in our content, when clicking on those we might receive a commission at no extra cost to you. By using this website you agree to our terms and conditions and privacy policy.
Momentum indicators support the bullish trend. The Relative Strength Index (RSI) and Moving Average Convergence/Divergence (MACD) generated bullish divergences (orange) before the breakout.
The RSI is above 50, while the MACD is near 0, indicating a bullish trend.
Therefore, the Somnia prediction is bullish, but the price must reclaim the $0.90 horizontal area to confirm this trend.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Valdrin Tahiri is a cryptocurrency analyst and reporter at CCN, specializing in technical analysis with a focus on Elliott Wave theory, on-chain metrics, and fundamental research. He brings over seven years of experience in the crypto space as both a trader and writer.
He discovered cryptocurrencies in 2017 while earning his MSc in Financial Markets at the Barcelona School of Economics, which sparked a deep interest in blockchain and market dynamics. Since then, he’s contributed to top crypto outlets like BeInCrypto and CoinGape.
Valdrin also served as Community Manager of BeInCrypto’s Telegram group for three years, helping grow it into one of the largest crypto communities worldwide. His expertise in market structure and price patterns allows him to break down complex trends into clear, actionable insights.
He’s published thousands of articles covering altcoins, Bitcoin cycles, and macro trends.
