Status Price Analysis: SNT 94% Down From ATH, Showing Signs Of Promising Support

Status has experienced a reasonable price relief totaling +8.67% over the past 24 hours of trading. The cryptocurrency is currently trading at $0.035, after suffering a steep price decline of over 25% from the past 7 trading days.

Status was co-founded by Carl Bennets and Jarred Hope. It launched its ICO in June 2017 which went on to raise over $100 million in funding. The Status project is described as a free and open-source messaging platform & mobile interface which allows users to interact with decentralized applications (dapps) on the Ethereum network.

You can think of the Status project as a mobile application, currently available on the Google Play Store, that allows users to access dapps built on top of the Ethereum network, through a browser integrated into the Status application. It was created to help spur the mass adoption of Ethereum dapps through an easy to use mobile application interface. As the majority of internet users are now browsing through smartphones it only makes sense that this is the next step to help bring Ethereum based services to the masses.

The mobile application comes with many features, including;

Decentralized Push Notification market – choose which push notifications come to you and for what price.

Governance system – Your SNT tokens allow you to vote on network upgrade proposals – unlike WhatsApp or WeChat where users have no say.

Community Curation – Upvote or downvote your favourite content, just like in Reddit. The vote weight varies from user to user depending on the number of tokens in their account.

Status Network Tokens (SNT) is the name of the tokens that fuel the market and allow users to have a say in the governance process and community curation, as well as other things.

Status is currently ranked 51st in terms of overall market cap across the entire industry, with a total market cap value of $123 million. The 14-month old coin has significant losses to regain after dropping over 50% over the past 30 days of trading.

Let us continue to analyze price action for SNT over the long run.

Price Analysis

SNT/USD – LONG TERM – DAILY CHART

Analyzing the market from the long-term perspective above, we can see that SNT had experienced a significant bullish price run when price action started from a low of $0.022 on November 17, 2017 and extended to an all-time high price of $0.74 placed on January 4, 2018. This was a price increase totaling 3,200% from low to high.

After placing this all-time high, price action went on to rapidly decline, originally finding support at the .618 Fibonacci Retracement level priced at $0.2964. This Fibonacci Retracement is measured from the entire bullish run outlined above. Price action continued to drop further lower during February 2018, until the market found support a the .786 Fibonacci Retracement priced at $0.17 and the 100-day moving average.

The market, however, could not sustain itself above these levels and continued to fall throughout the rest of the year. During June 2018, we can see that the market had found support at a low that corresponded with the price lows seen during December 2017. This support was expected to hold but the bloodbath that the markets had experienced during August caused price action to tumble below this level as it currently trades at fresh yearly lows.

Let us continue to analyze price action a little closer over the short term to highlight any potential support and resistance zones.

SNT/USD – SHORT TERM – DAILY CHART

Analyzing the market from the benefit of a shorter time frame, we can see that the recent bearish action has pushed the market below our expected support at $0.0514. The market continued to drop until it found support at a medium-term downside 1.618 Fibonacci Extension level (drawn in red) priced at $0.031. This Fibonacci Extension is measured from the entire bearish swing leg experienced during May 2018.

We can also notice that the market is, more specifically, trading at support highlighted by a short-term downside 1.272 Fibonacci Extension level (drawn in blue) priced at $0.0342. This shorter termed Fibonacci Extension level is measured from the bearish swing leg strictly experienced throughout June.

If the bulls can gather momentum from this support level and push prices upward, we expect immediate resistance to be located at the psychological round number handle of $0.04. Significant resistance above this level is expected at the previous 1.414 Fibonacci Extension level (drawn in red) priced at $0.049.

Looking even further ahead, more resistance can be expected at $0.062, followed by resistance at the 100-day moving average which is currently hovering around the $0.08 handle.

Alternatively, if the recent bearish trend picks up steam once again and pushes price action below $0.034, we expect immediate support to be located at the medium-term downside 1.618 Fibonacci Extension level priced at $0.031. Support below this level can be expected at $0.03, followed by expected support at the short-term downside 1.414 Fibonacci Extension level (drawn in blue) priced at $0.026.

If the market continues further lower and reaches $0.022, it will complete a 100% retracement of the bullish run experienced during November/December 2018.

The technical indicators are currently heavily favoring the bears at this moment in time. The RSI is trading at extreme oversold conditions below the 25 handle. If the RSI begins to rise out of oversold conditions and makes it way back toward the 50 handle, this could be interpreted as the bearish momentum showing signs that it is fading. A break above the 50 handle would indicate that the bulls are beginning to gain traction within the market.

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