Status Reclaims Bearish Bias After Breaching 2-Year Resistance

There are many open-source platforms leading to numerous services in the world of blockchain and crypto. One of the many open-source platforms supporting messaging platform and mobile interface that is designed to interact with applications that run on the Ethereum Network.

This increases the utility of the token and, therefore, happens to be one of the profit-making networks in the global crypto market. The price dynamics of the SNT token are bearish due to present market momentum against the greenback.

Status network token, at the time of penning down this analysis, was trading with a negative market bias at $0.03085 after crashing as low as $0.025 in the previous week. Moreover, it was in the previous month when SNT/USD breached the two-year resistance above $0.050 at $0.051, but with an immediate pullback, it corrected downsides by around 50% in 2 weeks.

With a steep decline at the onset of the ongoing month, the price trend of Status token breached the lower Bollinger Band on the daily chart. However, with gradual upward correction, it is now trading away from the bottom extremity.

However, the token is yet to reclaim its lost support at MA50 as it trades in the lower trading range. While it holds complete support from MA200 at $0.023 on the daily chart. The Bollinger Bands appear moderately widening, therefore, projecting near-term volatility. The MACD of the token holds a bearish divergence due to intraday lack of traction on the daily chart. The RSI also shows a lack of demand due to price slash and is lying at 46.72.