Key Takeaways
- Status (SNT) bounced at the $0.02 horizontal support area.
- The SNT price reached a descending resistance trend line.
- Can SNT sustain its momentum and break out above it?
The SNT price bounced last week and rallied 65%, preventing a breakdown from a long-term horizontal support level.
While there is no direct news preceding the increase, the Status team revealed that the project is in the top 10 for the increase in developer activity in March.
Considering that, let’s analyze the SNT price movement in different time frames and see if the rally can continue.
SNT Price Bounces
The weekly analysis shows that SNT fell by nearly 80% after its cycle high of $0.075 in December 2024.
The downward movement led to a low of $0.016 in April 2025, seemingly causing a breakdown below the $0.020 support.
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However, the SNT price bounced, preventing the breakdown, and the token is creating a bullish, engulfing candlestick this week.
If the upward movement continues, the next closest resistance area will be at $0.044.
Despite the bounce, technical indicators do not confirm the upward movement.
The Relative Strength Index (RSI) increased but is still below 50.
The Moving Average Convergence/Divergence (MACD) is still negative.
So, the weekly time frame readings are insufficient to determine if the future trend is bullish or bearish.
SNT Price Reaches Resistance
The daily time frame SNT price prediction does not support the continuation of the upward movement.
The wave count suggests SNT started a five-wave decrease (red) in December 2024. If so, it is currently in wave four of this decrease.
The Status price also follows a descending resistance trend line, which has caused SNT rejections in the past two days (black circle).
If the count is accurate, the SNT price will soon reach the top of wave four, beginning another downward movement.
The first target for this decline is $0.006, created by the 1.61 external Fibonacci retracement of the most recent bounce.
The target is also a new all-time low SNT price.
Rally Unlikely to Continue
The Status price bounced significantly last week, preventing a breakdown from the $0.020 horizontal support area.
Despite the bounce, the short-term outlook suggests the rally will not continue.
Rather, the SNT price could soon reach a local top and break down, falling to new lows.
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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