Given the overall bearish pressure across all cryptocurrency markets, one wouldn’t necessarily expect smaller altcoins to inch ahead. In the real world, however, things often play out pretty differently. The Status price has been rising steadily over the past few hours and currently succeeds in making all other offerings look rather bad. How long these gains can be sustained for, is a different matter altogether.
Status Price Uptrend is a big Surprise
When Bitcoin loses value at a rather alarming pace, one has to wonder how all other markets will fare. When looking at the top 50, it is about as bad as one could have expected. Further down the rankings, however, a different situation has been created. Status, for example, is currently enjoying a pretty positive ride following solid gains across the board. Combined with a rather high trading volume for this altcoin, it would appear this market may be successful in bucking the overall bearish trend, for the time being.
Over the past 24 hours, there has been a notable 7.8% Status price increase. As a result, the value per SNT has been pushed back to $0.0209, with a further push to $0.0215 on the horizon. There is also a 14.6% increase in SNT/BTC and 23.7% increase in SNT/ETH. As such, this altcoin proves to be rather successful in the face of adversity, although has to wonder what all of this means in the end.
Perhaps the most impressive development is how Status notes rather high trading volume. In fact, the current volume is higher than one-third of the project’s current market cap, which is always impressive to keep an eye on. Most of the volume originates from Upbit, ZB.com, and Coineal, whereas the rest of the ‘popular markets” see little interest in trading SNT at this time. How that will affect the potential future Status price trend, is a different matter altogether.
On social media, it would appear there is some positive attention for Status following these steep gains. Joel Kruger has identified a potentially different inverted head-and-shoulder pattern which traders might want to keep a close eye on. Depending on what the coming hours offer in terms of market momentum, there may be some life left in this run after all. A very peculiar observation, although it may be a sign of what is yet to come.
Cryptocurrencies aren't having a great day, which makes things interesting when you get one market moving the other way. That market is #Status (SNT). @ethstatus has been around for a while and isn't expected to fade away. Worth paying attention to the relative strength. pic.twitter.com/LiceS8oSAx
— Joel Kruger (@JoelKruger) January 10, 2019
CryptoNewswire looks at the current Status price development from a slightly different perspective. They see a clear improvement in the trading volume for SNT/BTC, which has effectively hit a new 30d-day high. While that in itself is rather impressive already, one has to wonder how things will play out exactly once more traders start to pay attention to this particular market.
— CryptoNewswire 🌐 (@CryptoNewswire) January 10, 2019
Although it is rather evident the Status price momentum is pretty interesting to keep an eye on, there is a good reason why these types of markets tend to go through violent up-and-down cycles. These gains seemingly cannot be sustained for very long, Even so, the Bitcoin price trend doesn’t seem to affect the Status momentum all that much, which is pretty intriguing in its own right.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.
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