Home Crypto Crypto Market Analysis SNT/USD – could we have a larger upside movement?

SNT/USD – could we have a larger upside movement?

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Status (SNT)

Market Cap: $588.30M

Circulating Supply: 3.47B SNT

Max Supply: 0 SNT

Volume (24h) $66.63M

 

The SNT/USD is trading in the green right now but it remains to see how long for, after the last false breakout above a crucial resistance level. Price maintains a bullish perspective in the short term as long as it is trading above the crucial support line.

The crypto price went up and is signalling that the bulls are still present in the game after the last drop. We still have to wait for a confirmation that the rate will increase further.

SNT/USD is trading

The SNT/USD has once again failed to make a valid breakout above the downside 50% Fibonacci line of the ascending Pitchfork and now has come back down to retest the 150% Fibonacci line.

The price has made a false breakdown below the 150% Fibonacci line and has closed above it, signalling that we could have further price increases. The rate approaches the 0.18600 previous highs. It will reach it only after a valid breakout above the lower median line (LML).

A larger upside movement will be confirmed by a valid breakout above the downside 50% Fibonacci line (ascending dotted line between the ML and the LML). If this scenario takes shape, then the rate would jump much above the median line (ML) as well, with a target at the upper median line (UML).

Conclusion

If you are long on this crypto, you should keep your position as long as the rate stays above the 150% Fibonacci line. We have an important upside target at the 23.6% retracement level. A valid breakout above this level will really signal a broader upside movement.

©Forex.Academy

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