Status (SNT) Creates a Double Bottom Pattern in the Long-Term Support Zone

    Status (SNT) hit May low on June 14 and created a double bottom that is associated with a bullish divergence in the RSI.

    Long-term ascending support line

    SNT has fallen since hitting an all-time high of $0.293 on April 15, 2021. The downtrend has led to a new low of $0.0239 on June 14, 2022.

    More importantly, the drop caused a breakdown from the long-term ascending support line in early May 2022. At the time of the tumble, the line had existed for 791 days.

    Furthermore, the break is combined with RSI falling below 50, which is considered a sign of a downtrend.

    Currently, SNT is traded above the horizontal support zone at $0,029, showing signs of a recovery. 

    SNT/USDT daily chart by TradingView

    Future movement

    Trader @Javonnnm tweeted an SNT chart, pointing out that the price could rally to $0.037 in a short term.

    Taking a closer look at the past two months’ movement, we can see that price has created a double bottom, which is considered a bullish pattern. This pattern is also associated with a bullish divergence in the daily RSI (green line).

    Therefore, this can lead to a reversal in the bullish trend. 

    If this happens, there will be a strong resistance level at $0.05, which is created by descending resistance line (dashed) and the previous ascending support line. 

    SNT/USDT daily chart by TradingView


    SNT/BTC chart shows price has been tumbling inside the descending parallel channels since early July 2021. These channels include corrective movements, which mean the possibility of a breakdown. 

    Currently, the price is in the upper of channels, strengthening this theory. 

    In the case it does, the nearest resistance level will be 250 satoshis.

    SNT/BTC daily chart by TradingView

    (Reference: beincrypto)

    Disclaimer: This article is for reference purposes only, not investment advice.

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