SONM (BEP-20) Rally Continues: SNM Token Eyes 45% Gain

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Sonm’s utility token, SNM, is now in the red following the release of heartbreaking news in the crypto market. The prominent cryptocurrency exchange platform, Binance, announced plans to delist SNM and some other coins by August 22.

This triggered fear among the coin holders, causing many investors and traders to start selling off their holdings before the scheduled delisting deadline.

Considering the downward trend caused by these increased selling activities, SONM could hit its support level at $0.02246 before the weekend. However, this bearish sentiment is likely to trigger a price bounce.

SONM Forms Small Green Candle Below Lower Bollinger Band – Will Rally Continue?

Over the last 30 days, SNM shed 83.9% of its gain, followed by another 80.2% 14-day price loss. These significant losses show the increased selling activities garnered by the general market dip and the delisting announcement made by Binance.

Today, August 16, the coin is still dropping, recording a 64.7% loss in the last 24 hours and a market value of $0.06009 as of 5:04 am EST. SNM’s 24-hour trading volume is up by 441.99%, reflecting increased sell pressure on SNM.

SONM Daily Chart

The asset trades below the critical moving averages (Bollinger Bands). This shows the oversold market condition on SNM’s price. It also shows that the coin’s price has been consistently falling, nearing the excessive selling point in the market.

Also, the coin’s Relative Strength Index (RSI) is at 11.68, moving in the oversold region (below 30). This indicates that the SNM’s price has been facing intense selling pressure, potentially leading to an exaggerated downward movement in price. This reflects on the consecutive red candle stick on the chart.

According to the chart, SNM’s Moving Average Convergence Divergence (MACD) indicator is below the signal and has bold red histogram bars. This indicates the coin’s short-term price momentum is solid and bearish, confirming the predominantly downward movement on SNM’s price.

While the overall market is bearish in the short and long term, SNM will likely regain its green trend before the day ends. The coin makes meager rally efforts depicted on the chart’s 1hr green candle stick formation.

Given the strong bearish momentum in the coin market, SNM will likely experience significant dips throughout the day. But if the market sentiment turns bullish and buying momentum recovers, SNM could rebound in the coming days.

Factors that Could Fuel SONM SNM’s Rally

The extremely oversold market condition of the asset could fuel its price rally in the coming days.

While traders might interpret this signal as a potential time to consider short-selling or exiting long positions, anticipating further price decline, bargain hunters and contrarian investors looking for opportunities to enter the market at a lower price can seize this opportunity.

Also, the oversold RSI could hint at a potential reversal even though it doesn’t guarantee an immediate upward movement. However, it might lead to a short-term bounce or consolidation before any sustained price recovery.

Furthermore, the green candle forming below the Bollinger Bands could signal a potential reversal in the downward trend. It might suggest that selling pressure is diminishing, and buyers could start entering the market.

Despite SNM’s rally potential, traders and investors should always consider using multiple indicators, fundamental analysis, and market sentiment before making trading decisions.

Meanwhile, those searching for short-term investment alternatives with huge reward potential may consider this low-cap hidden gem, Pikamoon (PIKA)

Crypto-Powered Gaming Platform Pikamoon Making Waves in Presale

Pikamoon is a GameFi token fueling the Pikaverse – a metaverse comprising four lands. Players engage in battles against monsters within these lands, capture Pikamoons, and challenge the evil deities that rule and threaten the lands.

Another feature for #Pikamoon 🔌

The final phase of the $PIKA pre sale is getting lots of attention! https://t.co/SK5HK5roDP

— Pikamoon (@PikaMoonCoin) August 15, 2023

Its token, PIKA, is the primary currency powering all activities and transactions in the Pikaverse. As a low-cap crypto, Pikamoon (PIKA) comes with a $6 million hard cap, making it a factor for its potential spike in the future.

With its low market cap, the coin is likely to become scarce, thus driving its market value higher over time. The PIKA token enables players to acquire exclusive digital assets and participate in gameplay across the four lands.

Currently, only 30% of the total PIKA tokens are available for purchase, with the remainder set for release at a later stage. Initially priced at $0.0002, PIKA has increased to $0.0006, allowing interested investors to come in cheaply.

The presale has successfully amassed $3.884 million, with a target of $6 million. By the end of the presale, the coin will list for $0.0007 on significant exchanges.

Those who obtained PIKA at a lower cost have the potential to realize gains between 5x to 10x from their initial investment. Interested investors can visit the project website and follow the relevant steps to acquire the PIKA token.