In this article we will take a look at the BEP-20 token SNM. The project is listed on Binance and had some interesting developments in terms of price in the recent time.
If you want to know how to buy SONM (SNM), everything is described step by step here:
How to buy SONM
SONM Chart Analysis
Taking a look at the 4h Chart for SONM/Bitcoin we can see that SONM corrected from its recent high in mid November to a price of around 770 sats at the moment. The current price looks like it is holding support. as the price did visit this price level several times now and it always hold.
This means we are currently at the bottom of the range between two trendline, that we can see in the above chart.
The above range of the current trendline is at around 1100 sats, which means that the possible upside to this trendline is about 55%.
This does however not mean that the upside scenario is limited to this price. As we can see, the mid-november prices were around 1500 sats – thats a possible 100% upside from current prices.
Of course, there is also a downside risk. The current trendline/support could break to the downside and we see lower prices. However, also the opposite is possible – we could easily see that prices breaking the current trendline resistance of the SONM/Bitcoin chart and also it could easily increase in price multiple times further than it’s recent top.
Given that SONM has a medium sized market-capitalization, this is for sure possible if some real bullish momentum can accelerate this.
1 Year Chart
Taking a quick look at the 1 year price chart for SONM, we can see that in the last few weeks and months, the price really changed to the bullish site! While we can observe some sideways movement in the early months this year, prices really picked up in the last weeks.
Given the correction/dip in prices, we could observe on the 4H chart, this could represent an awesome opportunity to buy some SONM at a good price.
This is no financial advise. Do your own due-diligence and only invest what you are willing to loose.