Status (SNT) Creates Double Bottom Pattern Inside Long-Term Support Area

Status (SNT) returned to its May lows on June 14 and created a double bottom pattern that was combined with a bullish divergence in the RSI.

SNT has been falling since reaching an all-time high price of $0.293 on April 15, 2021. The downward movement has so far led to a low of $0.0239 on June 14, 2022.

More importantly, the decrease caused a breakdown from a long-term ascending support line in the beginning of May 2022. At the time of the breakdown, the line had been in place for 791 days.

Furthermore, the breakdown was combined with an RSI decrease below 50, which is considered a sign of bearish trends. 

Currently, SNT is trading just above the $0.029 horizontal support area, which could still initiate a bounce.

SNT Weekly chart
SNT/USD Chart By TradingView

Future movement

Cryptocurrency trader @Javonnnm tweeted a chart of SNT, stating that the price could increase all the way to $0.037 in the short term.

SNT movement
Source: Twitter

A closer look at the movement over the last two months shows the creation of a double bottom, which is considered a bullish pattern. The pattern was also combined with a bullish divergence in the daily RSI (green line).

So, it is possible that this will lead to a bullish trend reversal. 

In case it does, there would be strong resistance at $0.05. The resistance would be created by a descending resistance line (dashed) and the previous long-term ascending support line.

Daily resistance
SNT/USD Chart By TradingView


The SNT/BTC chart shows that the price has been decreasing inside a descending parallel channel since the beginning of July 2021. Such channels usually contain corrective movements, meaning that a breakout from it would be likely. 

Currently, the price is in the upper portion of the channel, further supporting this possibility. 

If a breakout occurs, the next closest resistance would be at 250 satoshis.

SNT Channel
SNT/BTC Chart By TradingView

For Be[in]Crypto’s latest bitcoin (BTC) analysis, click here

The post Status (SNT) Creates Double Bottom Pattern Inside Long-Term Support Area appeared first on BeInCrypto.

Earning Passive Income With Crypto

Related Posts

Celsius Considers Fresh Financing Offers to Escape Bankruptcy

Celsius Network has received offers of fresh cash to help it fund a potential restructuring process, a lawyer for the company said. The unsecured collector’s committee will…

Nasdaq-Listed Eqonex Closing Crypto Exchange Due to High Competition, Fallen Volumes

The Nasdaq-listed firm Eqonex is closing its cryptocurrency exchange business. The company cited high competition among crypto trading platforms and fallen volumes as key reasons for shutting…

Binance Coin (BNB) Breaks Out From 264-Day Long Resistance Line

Binance Coin (BNB) is showing bullish signs on both the weekly and daily charts. It is possible that BNB has already reached a long-term bottom. Binance Coin…

Lido Finance Partners With KyberSwap Elastic With $120,000 in Liquidity Mining Rewards

Lido Finance, a giant in the Ethereum staking world, will be enhancing liquidity on Polygon with KyberSwap Elastic. Lido Finance is the largest platform for liquid staking…

US Court Allows IRS ‘John Doe’ Summons on California Crypto Broker

A California federal judge allowed the Internal Revenue Service to issue ‘John Doe’ summons on the SFOX Inc crypto broker and its affiliates. The IRS is specifically…

Bitcoin (BTC) Continues Consolidating Near $24,000 in Unclear Trend

Bitcoin (BTC) is trading inside a short-term corrective pattern. The direction of the short-term trend is still unclear. On July 18, Bitcoin broke out from a descending…