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Status (SNT) is bullish today after a 2% gain in the last 24 hours. However, SNT is down 3.6% in the past week and 13% in the previous 14 days.
The token’s recovery mirrors a recovery in the broader cryptocurrency market, where the global market cap has gained around 1.85%.
SNT has recorded volatile price action over the past few days. A spike in price was seen on August 20, but a correction swiftly followed, coinciding with a plunge across the broader crypto market.
Bears Could Push Status to Monthly Low
Status is currently showing a bearish sentiment. At the time of writing, SNT was trading at $0.022, and bears look ready to drop the price further to the $0.020 monthly lows.
SNT was last trading at $0.20 on August 18. That day, the price plunged from $0.022 to $0.20 as news of Evergrande’s bankruptcy and Bitcoin’s drastic drop spooked markets.
If buyers fail to step in at the current prices, the $0.020 support level will likely be tested again.
If the $0.20 support price fails to hold, SNT will likely plunge to $0.019, last seen on June 15.
The broader market sentiment is slightly bullish, with Bitcoin rallying past $26,400. As such, some buying pressure is expected, which might rally SNT past mid-August levels of $0.025.
Status Attempts to Break Resistance at $0.024
SNT shows a bearish sentiment, as seen by different price indicators. As such, SNT will likely continue portraying a weak trend in the short term.
The Moving Average Convergence Divergence (MACD) line is currently in the negative zone, showing bears are in control. MACD histograms are also offering a bearish trend.
However, the broader market is showing a bullish trend, which might bring SNT buyers to the market.
If the trend reverses and bulls take control, SNT must break past the next resistance level of $0.023, as seen in the 100-day simple moving average (SMA) of $0.023.
The following central Resistance lies at the 50-day SMA of $0.024. Breaking past these levels could see SNT create a new monthly high past $0.027.
Analysts Believe SNT Could Rally
Some analysts in the sector believe that SNT has the potential to make gains in the long term.
According to one analyst, SNT has the potential for an upward journey because of its listing on top exchanges and solid fundamentals.
Status: Not just #crypto, but a complete tech revolution. It's an OS, #Web3 browser, Private messaging platform & a secure wallet fused into one. Connect globally from any device, anytime. Debuted in June 2017, changing how we interact. 🚀📱💻 #Status #TechInnovation #privacy
1/n— Nikhil | Data Analyst (@nikhilmittal678) August 22, 2023
Status Network was launched in 2017 to transform how people interact. Despite being among the oldest cryptos, it has a market cap of around $85 million.
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