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SNT Technical Analysis: Struggling At $0.027, Trend Remains Mysterious 


cryptoknowmics.com 18 June 2022 11:44, UTC
Reading time: ~2 m

SNT prices showcase a sideways trend at $0.027 struggling to decide the upcoming trend. Will the market conditions influence a bearish trend?  Key technical points:

  • The SNT market price has increased 0.30% over the past 24 hours.
  • The price action shows higher price rejection in the daily candle.
  • The 24-hour trading volume of Status is $19.48 Million, indicating a hike of 96%.

Past Performance of SNT

SNT prices fail to surpass the $0.044 mark and the resistance trendline results in a price fall to the $0.027 support level. However, the bullish attempt to form a double bottom reversal pattern struggles to sustain at higher prices. Hence, the long-wick formation in the daily candle hints at a downtrend continuation. TradingView Chart Source- Tradingview

SNT Technical Analysis

SNT prices showcase a higher price rejection in the daily candle avoiding the prices to sustain above $0.027. Hence, traders looking out for a selling opportunity can enter at the candle closing below $0.025. The RSI slope shows the oversold boundary cushioning the downfall, leading to a sideways shift in underlying power dynamics. The gradually falling 14-day SMA maintains an overall bearish outlook but the bullish divergence teases a potential reversal in the price trend. The MACD indicator shows the fast and slow line struggling to maintain the downtrend as the reversal teases a bullish crossover. Moreover, the falling trend in the negative MACD histograms represents a high likelihood of bullish histograms ready to resurface. In a nutshell, the SNT technical analysis forecasts a bullish trend continuation if buyers contain the higher price rejection.

Upcoming Trend

The pivot points indicate resistance levels at $0.040 and $0.053 where the double bottom reversal trend in SNT prices takes a rest. However, the bearish trend continuation below $0.025 will lead to downfall to the $0.019 pivot level. Resistance Levels: $0.040 and $0.053 Support Levels: $0.025 and $0.019

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