Moderna remains under heavy pressure and has been struggling for many months, but one key element still keeps the bullish side alive: the orange horizontal support. Price continues to hover above this level, and as long as it holds, buyers can at least maintain a degree of hope.
The challenge, however, is the descending triangle marked on the chart. This pattern is typically bearish and statistically promotes a breakout to the downside. Sellers have the structural advantage here, and momentum clearly favours continuation of the long-term downtrend.
For buyers, the only way to improve sentiment is a breakout of the blue resistance, the upper boundary of the triangle. Such a move would neutralise the pattern and open the door for a deeper bullish correction.
But as long as the price trades inside the triangle and stays compressed against the horizontal support, a break to the downside remains the more likely scenario.