- The SNT coin price is currently at $0.05880.
- The SNT coin price rose by 100.37% in the last trading sessions.
The future price prediction for SNT coin is bullish and the price has the potential to continue rising. The SNT coin price has risen by 205.63% from its all-time low support of $0.01938. Recently, a crypto whale invested a huge amount of money into the SNT coin resulting in a price surge of 100.37% in the last trading session.
The ongoing bullish rally was halted at the $0.06304 level. This indicates that the sellers are preventing the buyers from making the price close above this level. After facing rejection from the $0.06304 level, this can be considered as a current acting resistance level. On the lower side, it has a strong support level at $0.03030. The SNT coin price experienced an intraday gain of 8.85% in the last 24 hours. Currently, its price is at $0.05968 with a trading volume of 604.935 Million.
Is Price Entering a Correction Phase?
The coin price has formed a strong bullish candle after taking support from the 50-day and 100-day EMAs. This indicates that the bulls had applied high buying pressure and have a stronghold at the $0.03030 support level. However, the price is trading far from the EMAs. This indicates that the price may fall down to retest the EMA lines or it might consolidate in a range until it meets the EMAs.
The relative strength index is at 92.78 which is marked as oversold territory. This indicates that the price could fall in the short term as it trades above its intrinsic value.
Bullish Rally Awaited After a Slight Correction
The SNT (Status) price is encountering challenges in surpassing the $0.06304 level, and there are indications of exhaustion in the price’s upward momentum despite previous strong buying pressure. The technical Indicators are also pointing towards a fall in price. Thus, it could lead to a short-term fall in the price.
As long as the price is sustained above $0.03030, the bulls will try to make it rise in the upcoming trading session. There is an expectation that the price will resume its bull run after the correction phase as there are many factors in favor of the bulls. The next phase of the bull run would only start after the price closes above the $0.06304 resistance level. After this, it may rise to its next resistance at $0.08000.
On the other hand, for the bears to gain control of the price, they must take advantage of the correction phase and make the price close below $0.03030. This will make the price fall to its next support at $0.01938.
Conclusion
The overall price prediction for the SNT coin is bullish. However, it may undergo some correction and fall to retest the supports below it which are indicated by the technical indicators. After the correction has been done, there is a high possibility that the price might resume its bullish trend.
Technical levels
- Resistance Levels: $0.06304 and $0.08000.
- Support Levels: $0.03030 and $0.01938.
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only. They do not provide financial, investment, or other advice. Investing or trading in crypto comes with a risk of financial loss.