The Sats price pumped more than 3% over the past 24 hours to trade at $0.0000004633 at press time.
The SATS Price Overcomes a Major Resistance
4-hour chart for SATS/USDT (Source: TradingView)
The Sats price was able to overcome the $0.0000004505 resistance level in the last 24 hours. It also printed a series of higher highs and higher lows on the 4-hour chart over the past couple of days, resulting in the formation of a positive price channel.
This bullish move may soon come to an end, however, since the breakout is significantly less powerful than the previous bullish move. There is also a medium-term negative bearish trend line that the Sats price needs to overcome before it can soar. Failure to break above this trend line in the next week may result in a strong correction.
A potential early confirmation of this bearish thesis could be if SATS falls below the newly-formed ascending price channel. Falling out of this range could be followed by the Sats price retesting the aforementioned $0.0000004505 mark. Continued sell pressure may lead to the crypto falling below this significant price point and potentially dropping to as low as $0.0000004025. In an extremely bearish scenario, the price could drop to as low as $0.0000003505.
This bearish thesis may be invalidated if SATS is able to close a 4-hour candle above $0.0000005420. In this more bullish scenario, the Sats price could have the foundation needed to rise to the subsequent threshold at $0.0000006535 in the following few days.
Technical indicators on the 4-hour chart for SATS suggest the altcoin’s price may fall soon. The Moving Average Convergence Divergence (MACD) line is starting to close in on the MACD Signal line. This may be an early signal of SATS’ bullish trend approaching its end before entering a bearish cycle. Buyers are also losing some of their strength against sellers, which is evident by the Relative Strength Index (RSI) indicator. Currently, the RSI line on the 4-hour chart is sloped negatively, and may soon cross below its Simple Moving Average (SMA) line.
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