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Home » Substratum (SUB) Goes Subterranean, Navigates New Depths

Substratum (SUB) Goes Subterranean, Navigates New Depths

At the bottom of the deep blue sea.

by Carl Bird
3 December, 2018 at 10:42 EST
in Altcoin Analysis, Altcoin News, Analysis, News, Top Stories
0
Substratum
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Substratum (SUB) is a decentralized network and hosting platform with the primary goal of battling censorship on the internet.

The project debuted in September of last year, just in time to ride the massive bull run wave that hit the cryptocurrency market at the end of 2017 that took the token from $0.10 to more than $3 in early January 2018.

Throughout the bear market that has taken over in 2018, SUB has seen a staggering 98 percent loss since its all-time high and is trading today at $0.05. Click To Tweet

Similar to many other altcoins on the market, SUB has fallen within the bounds of a tapering descending channel and testing support levels on the way down. Last week, SUB hit a new all-time low of $0.04 — a 60 percent dip from its previous low.

Now in uncharted waters, time will tell if SUB is able to swim or end up sinking to new depths.

Stochastic RSI

Taking a look at the 3-day and two-week stochastic RSI we can see both indicators are just under the 100 level, implying that the asset is overbought and should see some selling off in the near future.

SUB closed last week at a 30 percent gain after dropping rapidly from $0.10 to bouncing off of support at $0.04. The price will most likely come back this week to test this new support range from $0.04 to $0.05.

In Limbo

Between mid-September and mid-November, SUB was consolidating in the $0.10 to $0.13 range before falling to $0.04 last week.

Similar to its movement hitting the $0.10 level, SUB bounced hard off of the bottom of the descending channel making a quick jump up before cooling off again.

Considering the high stochastic RSI value and position on the chart, it is likely that SUB will return briefly to retest the $0.04 mark before trading sideways in the range of $0.04 to $0.07 throughout December and most of January.

Short-term traders should be aware of the potential for another step-down to test for a lower support, especially in the scenario of Bitcoin moving lower. Long-term HODLers may want to add to their position between $0.025 and $0.035 in the case that the bear market carries on.

Will SUB be able to maintain its current $0.05 level? How long, if ever, will it be before SUB is able to set a new all-time high? Let us know your thoughts in the comments below!


Images courtesy of TradingView.

Disclaimer: The contents of this article are not intended as financial advice, and should not be taken as such. BeInCrypto and the author are not responsible for any financial gains or losses made after reading this article. Readers are always encouraged to do their own research before investing in cryptocurrency, as the market is particularly volatile. The author of this article does hold SUB.

Tags: (SUB) Substratum News
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Carl Bird

Carl Bird

Migrated from the East Coast USA to South-East Asia for adventures and tasty noodles. Began trading cryptocurrency in early 2017, and now spend most of my time doing chart analysis and price projections. Email me!

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