$SOON - SHORT Setup
Entry: 0.3620 – 0.3680 (On a retest of broken support-turned-resistance with rejection)
Target 1:0.3400
Target 2:0.3200
Stop Loss:0.3750 (Above the recent consolidation high)
My View:
SOON is in a clear and strong downtrend,down over 53% in 30 days. The price has broken below all immediate support levels and is now consolidating near the 24h low. The recent bounce attempts have been weak and sold into aggressively, as shown by the long upper wicks on the chart. The volume profile suggests distribution. The order book shows thin buy support and stacked sell orders above. This is a classic "sell the rally" scenario in a bear market. I'm waiting for price to retrace into the $0.362–$0.368 supply zone, which was previous support, to offer an optimal risk-reward short entry targeting a continuation to new lows.
Bias: Bearish below $0.370. A break and hold above $0.376 is needed to challenge the downtrend.
