$SNT USDT Daily Chart Analysis:
Overview:
SNT/USDT is in a prolonged downtrend but has bounced from a key support zone near 0.02016 USDT. The RSI shows bullish momentum as the price hovers around 0.0223 USDT.
Key Levels:
- Support:
- 0.02016 USDT (recent bounce level)
- 0.01612 USDT (long-term support)
- Resistance:
- 0.03372 USDT (immediate resistance)
- 0.04500 USDT (trendline resistance)
- 0.06100 USDT (higher resistance)
Trend and Patterns:
The price remains in a descending channel. A break above 0.03372 USDT could signal a reversal, while failure may push prices lower to 0.02016 USDT or 0.01612 USDT.
Bullish Case:
- RSI indicates bullish momentum.
- A breakout above 0.03372 USDT could lead to a larger rally.
Bearish Case:
- Failure to break resistance may lead to a retest of 0.02016 USDT or lower.
- The downtrend remains unless a clear breakout occurs.
Strategy:
- Entry:
- Buy on a confirmed breakout above 0.02500 - 0.02700 USDT.
- Aggressive buy near 0.0223 USDT with a stop loss below 0.02016 USDT.
- Take Profit:
- TP1: 0.03372 USDT
- TP2: 0.04500 USDT
- TP3 0.06100 USDT
- Stop Loss:
- Below 0.02016 USDT.
Conclusion:
The price shows signs of a potential reversal, but a breakout confirmation is needed. Watch for volume and further price action before committing to trades.
