Table of ContentsToggle
The SATS price jumped more than 20% over the last 24 hours to trade at $0.0000004933 at press time as investors bet big on the altcoin.
The SATS Price Breaks Bearish Shackles
4-hour chart for SAT/USDT (Source: TradingView)
The SATS price broke out of a medium-term bearish channel over the past 48 hours, and managed to record around a 38% gain. After escaping the channel, the altcoin printed a series of higher highs and higher lows on the 4-hour chart as well, leading to the formation of a smaller bullish channel. Traders may look to take their profit from the 38% move. Should this happen, SATS may retrace to $0.0000004505 and potentially drop to as low as $0.0000004025. As long as the SATS price remains above this level, a potential bullish move will be in play. A break below this significant price point could however lead to SATS falling to $0.0000003505 and possibly even lower.
In a more bullish scenario, the SATS price may attempt to flip the $0.0000005420 resistance level into support. This could then give the crypto the foundation needed to rise to the subsequent barrier at $0.0000006535 in the following few days.
Bullish Pressure Starting to Cool Off
Technical indicators on the 4-hour chart for SATS show that buyers’ strength is starting to cool down a bit. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) indicators warn that a slight correction may be in the cards for the SATS price.
The slope of the MACD Histogram is negative, which could be an indication of the bullish trend slowing down a bit. In addition to this, the RSI line is negatively sloped towards oversold territory, which generally signals that buyers have weakened against sellers.
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.
Comments