SNOW Crypto Price Increases By 45%; Will It Join Bulls’ Rally?

• As per Coingecko, SnowSwap is outperforming the global crypto market.
• In the last 24 hours, the trading volume of SNOW has been flat.

SnowSwap is a platform that lets users trade different DeFi assets with stableswap technology. SnowSwap offers fast, safe, and rewarding trading for liquidity providers and traders. SnowSwap has a token called SNOW which gives incentives to farmers, liquidity providers, and stakers through the DAO.

SnowSwap has a market cap of $198.9K and it has declined by 0.18% in the last 24 hours. The volume for the crypto has increased by 4.23%, resulting in $34.7K.

Following the most recent trend, the TVL of the crypto is slightly increasing,resulting in $880.17K. As the market of the crypto is very low, ranking #3190 in the crypto market as per Coingecko, the market cap dominance of the SNOW crypto is 0%.

TOKEN Supply Overview

The max total supply of the SnowSwap is 500K SNOW with a total of 4.9K holders. Moreover, the fully diluted market cap of the crypto is $200.82K. Looking at the chart by Etherscan.io, we can see that the trend of the token transfer is flat. 

Holdings Statistics of SnowSwap

As per the data provided on CoinMarketCap, it can be clearly seen that a majority of 64.70% of the token is held by whales, denoted by the blue color on the chart. This results in a holding value of $313.88K by whales. Moreover, the retailers hold $87.25K. 

SNOW Crypto Technical Analysis

The SNOW crypto has witnessed huge decline in its trading price and has dropped to significant lows by losing its value by more than 95%. It made an all-time low of $0.191811 and is currently trading 107% above this level.

As per the SNOW/USDT chart, the crypto is facing resistance at the level of $0.8173 USDT and if the price manages to break above the same level, it might lead to new highs. 

SNOW/USDT Chart by TradingView

The trading price of SNOW has broken above the 50-day and the 200-day EMAs on the daily timeframe. This had led to a golden cross on the charts. 

The RSI is giving a bullish signal and is sustaining above the 50-level, indicating strength in the crypto price. The 14-day SMA line is also rising to higher levels. showing gain in the momentum of the trading price.

Conclusion

SnowSwap is a promising DeFi platform with a loyal community and a low market cap. However, the crypto price is still volatile and faces strong resistance. The future of SNOW depends on the market sentiment and the platform development as there is very little technical data available for the users.

Technical Levels: 

• Support levels: $2.411 and $3.211
• Resistance levels :$5.03 and $6.344

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.