Status (SNT) has recently reached a critical price zone, showing signs of potential trend reversal after a prolonged downtrend.
The 4-hour chart reflects a completed corrective phase, while the lower time frame suggests early-stage bullish momentum.
SNT Price Analysis
The 4-hour chart illustrates SNT in a well-defined descending wedge structure, with price action forming an Elliott Wave corrective ABCDE pattern.
Wave (e) appears to have completed at $2.50, coinciding with a significant horizontal demand zone between $0.0175 and $0.025.
The completion of this pattern suggests a potential reversal is imminent, provided that the price successfully confirms a breakout above descending resistance.
From a broader perspective, the multi-month downtrend was driven by a five-wave corrective decline.
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The Relative Strength Index (RSI) on the 4-hour chart remains near oversold levels, indicating that bearish momentum has significantly weakened.
This suggests that buyers could step in soon, increasing the probability of a breakout.
The key resistance level to watch is $0.0329, a prior support-turned-resistance level, aligning with the upper boundary of the descending wedge.
A breakout above this level would confirm the start of a bullish recovery, while failure to do so could result in a retest of lower support zones.
SNT Price Prediction
On the 1-hour chart, SNT appears to be in the early stages of a potential bullish wave structure.
The price has bounced off the demand zone upper boundary and is attempting to establish a five-wave impulsive structure.
The first wave (i) is forming, with an expected short-term pullback in wave (ii) before further upside continuation. If this impulsive scenario occurs, wave (iii) should target the $0.0329 resistance level, with wave (v) extending toward higher Fibonacci extension levels.
The primary condition for this outlook remains a confirmed breakout above the descending trendline resistance. Should this occur, the next key target would be near $0.0340, aligning with Fibonacci projections.
Conversely, if SNT fails to hold its current support and drops below $0.025, further downside within the demand zone could materialize.
The RSI on the 1-hour chart is showing early signs of bullish divergence, reinforcing the likelihood of upward continuation.
However, the price must establish a higher low to confirm sustained bullish momentum.
Key Levels to Watch
- Immediate Resistance: $0.0329 (horizontal resistance).
- Key Support: $0.025 (historical demand zone).
- Critical Support: $0.0186 (multi-month low).
- Short-Term Target for Wave (v): $0.0340 if breakout is confirmed.
- Invalidation Zone: Below $0.0186, signaling an extended bearish trend.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
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