SOV - Outlook (as you asked) ✅Let's see how SOV is behaving.
This is a 1D chart.
The Fib retracement shows that the price had a dump and got corrected to a new support area.
The market is showing SELL volumes for SOV. We might see an uptrend breakout after more consolidations.
Two resistance levels push down on value, and two support levels hold the price high and show strength. The higher band can work as resistance.
The middle Bollinger Band can push down the value, and the lower band pushes the price up.
If the price crosses the local resistance and stays above it for confirmation, we can open our long positions, aim for the next resistance, and use it as a TP point.
The RSI shows that SOV is below the 50 levels, the center.
If you want to know how the RSI indicator works, take a look at this Educational Idea. It'll help you have better readings:
Current Market Price: $7.948
Let me know your ideas.
Good luck.
