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The SATS price registered a slight gain in the past 24 hours to trade at $0.0000004018 at press time as traders attempt to resurrect the altcoin’s price.
The SATS Price Claws Itself Back Into a Bearish Channel
4-hour chart for SATS/USDT (Source: TradingView)
The SATS price managed to climb back into a medium-term negative price channel over the past 24 hours after dropping out of the zone. Since reclaiming a position within the channel ,the altcoin has continued to rise, and is currently attempting to break above its middle level. Should SATS close a 4-hour candle above this threshold, it would have flipped the $0.0000004025 resistance, which may give it the foundation needed to rise to $0.0000004505 in the following 48 hours. Thereafter, continued buy pressure could boost the SATS price to as high as $0.0000005420 in the short term. This would constitute around a 34% gain from the crypto’s current price.
However, this bullish thesis may be invalidated if SATS fails to close a 4-hour candle above $0.0000004025 within the next 12 hours. In this alternative scenario, the altcoin may be at risk of retesting the $0.0000003505 support level in the upcoming 2 days.
Technicals Point to a Continued Rise
Technical indicators on the crypto’s 4-hour chart suggest that the SATS price has entered into a short-term bullish trend. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) are flagging in favor of buyers.
The MACD line crossed above the MACD Signal line throughout the past 12 hours. This is a significant bullish technical flag that may signal a continuation of the crypto’s positive trend. In addition to this, the RSI line is positioned above its Simple Moving Average (SMA) line, which indicates that buyers are currently stronger than sellers. Traders will want to keep an eye on the RSI, however, as it is currently sloped towards oversold. This could be an early sign of a bearish trend reversal and demands attention for the coming 24 hours.
The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Ecoinimist is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
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