Status Analysis – 9% drop before lunch

Today, in our analysis, we focus on the biggest losers on the market. In this piece, we will talk about Status, which today, is going down almost 9% and it seems that the bullish correction is over. Previously, we mentioned the SNT on the 2nd of August, when the price was on the 0.06 USD and we were receiving a fresh sell signal:

“With this bounce, we should see a further decline here. The sell signal is on, as long as the price stays below the lower line of the triangle pattern. „

That was great! Since those words were written, the price was never higher. We went down straight away, making local lows on the 0.03 USD in the middle of August. 50% lost in value in less than two weeks. Shocking. Currently, we are in the correction mode but the upswing is rather flat. The price is dropping like a rock today and did not even manage to test the closest resistance on the 0.051 USD (blue). As long as we stay below that line, the sentiment is negative and the chances to break the violet dynamic support are much higher. That breakout will open us a way towards the new lows.