Bitcoin
BTC$61 243.77

1.02%

Ethereum
ETH$4 109.03

4.38%

Binance Coin
BNB$481.29

0.25%

Cardano
ADA$2.15

0.11%

Tether
USDT$1.000556

0.09%

Solana
SOL$195.86

-3.60%

Status - Super Gainer You Might Have Missed Out On


While the majority of investors are pulling their hair out, frustrated over the rapidly devalued digital assets, some holders are overjoyed with their choice of coins that show a massive growth regardless of the massacre on the markets and the panic around the world. One of such cryptographic currencies is Status (SNT), which has been putting up miraculous gains, especially for a coin that is placed outside the top 50.

The unexpected gainer among the weakening competitors


SNT is a telecommunication cryptocurrency that holds the 59th spot on Coinmarketcap and has a market capitalization of $63 million. Fundamentally, Status is not overly sophisticated: it is a blockchain-based messaging platform that was designed to facilitate communication between various networks built on the basis of the Ethereum blockchain.

Status first saw the world in June 2017 - since that time, it mimicked the path of all mid-ranked cryptocurrencies: reached the all-time high at $0.73 during the crypto hype of 2017/2018 only to fall quickly and continue swimming at the bottom.

Status all-time chart

While Status hasn’t been the best gainer up till now as the coin had lost 33% of its value obtained from the last year’s bull market, its performance in the previous 30 days has left many experts scratching their heads. In the said period, SNT got a boost of 19% against USD, 77% in comparison to Bitcoin, and a staggering 117% against Ethereum.

It is important to understand the reasons why such a seemingly unremarkable cryptocurrency has outperformed the big boys by miles and attracted the interest of traders who take the effort to screen the coins that lie beyond the top 10.

The primary reason behind SNT’s bursting growth lies in its very fundamentals. As already mentioned, it is a telecom coin that facilitates both personal and business interaction between people. This feature has become invaluable in the time of worldwide quarantine, which led to the rapid transition from the office environment to freelancing and working-from-home conditions. Without trying to appear cynical, the COVID-19 pandemic came as a blessing in disguise for Status since it has immensely increased the demand for such solutions.

Consolidating after expedited recovery


Status didn’t escape the fate of the cryptocurrency market as a whole and crashed on March 12-13 by 67% on the close, consequently bottoming out from the all-time low at $0.0048 and entering a consolidation period that lasted for five days.

1-day SNT/USD chart

That move finalized the formation of the bullish flag with the support at $0.0012 that was successfully breached to the upside in a spurt that established at current support at $0.0015 and formed the fourth higher high since SNT bottomed out.   

What’s more important is that with this move, Status has risen above both 50-period and 200-period moving averages, though it didn’t break away from them yet, exploiting both lines as the level of support. The RSI is still near the neutral zone, so the upward momentum hasn’t been exhausted yet. 

It’s a bit too early to say that Status made a full reversal and entered a bullish phase, but the coin certainly has all the necessary prerequisites to become one of the first to see the light at the end of the tunnel.

Author: Alex Paulson for Crypto-Rating.com

Related

Status (SNT) Is Making Quiet Gains
Status (SNT) Is Making Quiet Gains
Status (SNT): A Second Attempt at Crucial Resistance
Status (SNT): A Second Attempt at Crucial Resistance

Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 66% 76 $61 243.77 1.02% 1.11% $1 154 572 840 442 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 73.2% 57 $4 109.03 4.38% 6.19% $485 054 173 428 ETH 7 days price change
3 Binance Coin (BNB) BNB Binance Coin predictions 71.6% 60 $481.29 0.25% 3.23% $80 279 625 910 BNB 7 days price change
4 Cardano (ADA) ADA Cardano predictions 92% 12 $2.15 0.11% -1.89% $70 787 881 107 ADA 7 days price change
5 Tether (USDT) USDT Tether predictions 91.6% 1 $1.000556 0.09% 0.06% $69 612 761 722 USDT 7 days price change
6 Solana (SOL) SOL Solana predictions 74.4% 54 $195.86 -3.60% 23.35% $58 918 167 005 SOL 7 days price change
7 XRP (XRP) XRP XRP predictions 76% 52 $1.088407 0.20% -5.19% $51 096 748 647 XRP 7 days price change
8 Polkadot (DOT) DOT Polkadot predictions 62.4% 79 $43.63 -0.29% 3.79% $43 086 190 756 DOT 7 days price change
9 Dogecoin (DOGE) DOGE Dogecoin predictions 70% 56 $0.250784 5.45% 5.27% $33 056 889 048 DOGE 7 days price change
10 USD Coin (USDC) USDC USD Coin predictions 92% 1 $1.000865 0.09% 0.09% $32 551 622 838 USDC 7 days price change
11 Terra (LUNA) LUNA Terra predictions 66.8% 65 $42.68 -0.63% 15.43% $17 137 911 904 LUNA 7 days price change
12 UniSwap (UNI) UNI UniSwap predictions 73.6% 48 $26.59 3.60% -2.02% $16 261 823 078 UNI 7 days price change
13 Avalanche (AVAX) AVAX Avalanche predictions 69.2% 65 $65.13 -0.86% 8.98% $14 346 523 240 AVAX 7 days price change
14 Chainlink (LINK) LINK Chainlink predictions 76.4% 47 $30.61 7.77% 9.88% $14 113 775 739 LINK 7 days price change
15 Wrapped Bitcoin (WBTC) WBTC Wrapped Bitcoin predictions 64% 75 $61 285.05 0.88% 1.17% $13 592 575 892 WBTC 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.

© 2015-2021 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.