2023 Halloween Gains: Can These 3 Cryptos Deliver Again?

Key Takeaways

• The Status (SNT) price increased by over 80% on Oct. 31, 2023.
• SushiSwap (SUSHI) and Smooth Love Potion (SLP) also rose.
• What were the reasons behind the increases, and can they be repeated?

Halloween is today, on Oct. 31. Last year, SNT was the biggest gainer on Halloween, nearly doubling in price. SUSHI and SLP were 2nd and 3rd, respectively.

In this article, we will examine the reasons why these three cryptocurrencies increased last year and determine whether they can be repeated this year.

SNT Price Nearly Doubles

SNT was the biggest gainer on Oct. 31, 2023, increasing by 81%. The increase started when the Status team tweeted that they had been working on a rebranding that would launch in seven days.

The announcement had nothing to do with Halloween, and the team recently launched Status Mobile and Desktop beta, so it is unlikely that a similar announcement will happen today.

While the team did launch its website , the SNT price topped on Nov. 3 and has fallen over 60% since. The decline is contained under a descending resistance trend line, which most recently rejected the SNT price in March (black icon).

Since June, SNT trades in a horizontal range between $0.020 and $0.028. The top of the range coincides with the descending resistance trend line. 

The price of SNT created long upper wicks (black circle) each time it touched it, which were considered bearish signs.

Unless the SNT price breaks above both, the trend cannot be considered bullish. On the other hand, if SNT breaks down, it could decline toward its March 2020 low at $0.07.

SUSHI Increases After Manipulation

SUSHI was the 2nd biggest gainer last Halloween, increasing by 19%. However, its increase was likely a result of price manipulation.

Data from Lookonchain shows that a wallet spent $640,00 to buy SUSHI in decentralized exchanges while depositing USDC to the perpetual exchange DYDX.

This likely means that the wallet had a long future position on SUSHI and attempted to raise its price, manipulating his futures position through his spot buys.

Since then, the SUSHI price has increased once more and reached a high of $2.15 in March, the highest price in nearly two years. However, this was the end of the upward movement, and SUSHI has fallen by over 65%.

Nevertheless, SUSHI broke out from a descending resistance trend line in August, the first step in beginning an upward movement. The breakout also saved a decline below the long-term horizontal support of $0.60.

However, technical indicators do not confirm this increase. The Relative Strength Index (RSI) is 50, while the Moving Average Convergence/Divergence (MACD) is 0.

Therefore, whether SUSHI breaks out or falls from its $0.60-$0.90 range can determine the direction of the future trend.

Binance Lists SLP Futures

The SLP price increase was likely triggered by Binance launching SLP perpetual contracts with up to 50x leverage on Oct. 31.

Similarly to SUSHI, the SLP increase continued until March, leading to a high of $0.0082. However, the price has fallen since.

SLP found support inside $0.0022 and has increased, creating several higher lows. The SLP price made an unsuccessful breakout attempt above the range high of $0.0035.

Indicator readings for SLP are the most bullish since the RSI and MACD have generated bullish divergences. So, the next SLP breakout attempt above the range high could be successful. If that happens, the SLP price could increase to $0.0055.

No Halloween Repeat

While SNT, SUSHI, and SLP were the three biggest gainers last Halloween, their increase was driven by catalysts unlikely to repeat this year’s Halloween, making it unlikely that they will repeat as the biggest gainers again.

Of the three, the price action looks bullish for SLP.