Bitcoin
BTC$38 967.91

-7.44%

Ethereum
ETH$2 871.05

-8.60%

Tether
USDT$1.000160

-0.01%

Binance Coin
BNB$428.81

-7.90%

USD Coin
USDC$1.000296

-0.04%

Cardano
ADA$1.23

-8.69%

Status (SNT) Is Making Quiet Gains


August 2020

Status (SNT) belongs to a cohort of altcoins that has been making admirable progress in the past several weeks, mainly because its fundamental value is based on exploiting the Ethereum blockchain and the corresponding products. ETH itself has been going strongly to the upside lately due to the expectations around the launch of Ethereum 2.0 and the overall progress in the field of decentralized finance (DeFi), and dragged the rest of the related altcoins upward, too.

Status is not a part of the DeFi space - we have already covered its fundamentals in the previous SNT price prediction article - as it represents a messaging platform and a home for decentralized applications (dApps), but the connection with Ethereum must have given SNT the much-needed boost, although its performance on the macro scale still remains somewhat underwhelming, as the all-time chart below shows.

SNT historical chart

Despite the two bullish rallies in 2020, SNT didn't show enough vigor to make a significant push off the bottom where it laid for the entire duration of the bear market, although this underperformance could also mean that the altcoin has extra upside potential that could come into play in the later stages on the bull market that is taking shape now.

Nevertheless, Status displays moderate but positive gains on all time frames, having made 52% to the upside against USD in the past year, and 45.6% against BTC. During the past seven days, SNT has even outrun ETH by 12.8% and made similar gains in pairs with USD and BTC (12.4% and 15.5%, respectively). The chart below, which depicts the 30 days worth of price action, clearly shows that Status is steadily moving to the upside with some large upswings, which makes it quite attractive for trading on Binance, Upbit, ZB.Com, and OKEx, the platforms that accommodate the largest volume.  

30 days of SNT price action

Approaching the stubborn resistance again


The historical chart allows us to determine the critical macro resistance level at $0.053 that separates the bears' realm, where Status still remains, and the bulls' territory, where the altcoins should really flourish. Keep that price target in mind as it could turn out to be the point of massive rejection or a stepping stone on the way to a full-blown uptrend. But getting there could take SNT weeks, if not months, while we will focus on more immediate price action.

The weekly time frame reveals another important level of resistance at $0.033 from which the price has already been rejected several times over the past two years, which ultimately makes it a magnetic point.

1-week SNT/USDT chart

SNT has already been rejected from that level twice during the current price cycle, but given the present general bullish sentiment on the crypto market, it might well achieve that goal in the next two to three weeks.

It is important to watch the trading volume in the next two weeks as the increasing volume will indicate that the buyers intend to take the price past $0.033. Should the volume be at the low to medium level, SNT will likely get rejected.

Author: Alex Paulson for Crypto-Rating.com

Related

Status (SNT): A Second Attempt at Crucial Resistance
Status (SNT): A Second Attempt at Crucial Resistance
Status - Super Gainer You Might Have Missed Out On
Status - Super Gainer You Might Have Missed Out On

Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 70.4% 62 $38 967.91 -7.44% -7.59% $737 892 869 372 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 60.4% 78 $2 871.05 -8.60% -11.22% $342 372 023 455 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 95.6% 1 $1.000160 -0.01% -0.02% $78 287 072 748 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 71.2% 56 $428.81 -7.90% -9.28% $70 802 974 684 BNB 7 days price change
5 USD Coin (USDC) USDC USD Coin predictions 95.2% 1 $1.000296 -0.04% 0.05% $42 399 121 779 USDC 7 days price change
6 Cardano (ADA) ADA Cardano predictions 74.4% 49 $1.23 -8.69% -1.46% $41 378 123 412 ADA 7 days price change
7 Solana (SOL) SOL Solana predictions 61.6% 87 $123.51 -9.84% -13.96% $38 846 684 963 SOL 7 days price change
8 XRP (XRP) XRP XRP predictions 68.8% 59 $0.691874 -6.72% -9.81% $32 976 873 993 XRP 7 days price change
9 Terra (LUNA) LUNA Terra predictions 69.6% 58 $77.73 -5.70% -0.40% $27 703 412 550 LUNA 7 days price change
10 Polkadot (DOT) DOT Polkadot predictions 72.8% 48 $22.45 -8.55% -14.69% $22 171 004 822 DOT 7 days price change
11 Dogecoin (DOGE) DOGE Dogecoin predictions 71.6% 50 $0.153961 -6.54% -20.35% $20 426 155 179 DOGE 7 days price change
12 Avalanche (AVAX) AVAX Avalanche predictions 66% 77 $76.46 -9.87% -13.92% $18 683 659 839 AVAX 7 days price change
13 Binance USD (BUSD) BUSD Binance USD predictions 90.8% 1 $0.999181 -0.15% -0.05% $14 221 363 997 BUSD 7 days price change
14 SHIBA INU (SHIB) SHIB SHIBA INU predictions 66% 68 $0.000026 -7.57% -15.60% $14 165 186 561 SHIB 7 days price change
15 Polygon (MATIC) MATIC Polygon predictions 66% 64 $1.90 -8.89% -14.69% $14 121 576 857 MATIC 7 days price change

Be the first to receive Cryptocurrency Price Predictions and Forecasts daily

Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.

© 2015-2022 Crypto-Rating.com

The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.