Status (SNT) returned to its May low on June 14 and formed a double bottom pattern that was combined with a bullish divergence in the RSI.
The SNT has been declining since reaching an all-time high of $0.293 on April 15, 2021. The downside momentum has so far reached a low of $0.0239 on June 14, 2022.
More importantly, the downside caused a breakdown from a long-term ascending support line in early May 2022. At the time of the breakdown, the line was on for 791 days.
Furthermore, the breakdown was combined with a decrease of the RSI below 50, which is considered a bearish trend signal.
Currently, SNT is trading just above the $0.029 horizontal support area, which is likely to start a rally.
future movement
cryptocurrency trader @javonnnm Tweeted a chart from SNT suggesting that the price is likely to move higher towards $0.037 in the near term.
A closer look at the movement over the past two months shows that a double bottom has formed, which is considered a bullish pattern. The pattern is also aligned with the bullish divergence on the daily RSI (Green Line).
So, it is possible that it will reverse a bullish trend.
If it does, there will be strong resistance at $0.05. Resistance will be formed by a descending resistance line (dashed) and a previous long-term ascending support line.
SNT/BTC
The SNT/BTC chart shows that the price is declining inside a descending parallel channel since the beginning of July 2021. Such channels usually have corrective movements, which means they are likely to lead to a breakout.
Currently, the price is in the upper part of the channel, and supports this possibility.
If there is a breakout, the next nearest resistance will be at 250 satoshis.
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