Status (SNT) Approaches Key Support Zone — Signs of a Potential Reversal Emerge

Key Takeaways

• Descending wedge structure signals a potential reversal.
• RSI is recovering from oversold territory.
• Breakout confirmation is needed above the $0.0329 resistance.
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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.