The SATS price plummeted more than 4% over the past 24 hours to trade at $0.0000004806 at press time as investors begin to take profit.
The SATS Price Is Rejected by Resistance
4-hour chart for SATS/USDT (Source: TradingView)
The SATS price was rejected by the $0.0000005420 resistance level as expected, and may correct down to the $0.0000004505 support level throughout the next 48 hours. Continued sell pressure once the altcoin reaches this point may then expose it to the risk of falling down to $0.0000004025 in the short term. Despite this threat of a pull back, there is still the possibility that the SATS price will enter into another leg up. If this bullish thesis plays out, SATS may attempt to flip the $0.0000005420 resistance level into support. This could then give the crypto the foundation needed to possibly rise to as high as $0.0000006535 in the following week.
This bullish thesis may be invalidated if the SATS price drops below the $0.0000004025 support in the coming few days. In this alternative scenario, the altcoin may be at risk of plummeting down to the $0.0000003505 support level.
Traders and investors will want to note that technical indicators on the 4-hour chart for SATS are currently flagging bearish. This could suggest that the SATS price will drop in the next 48 hours. The Relative Strength Index (RSI) line recently crossed below its Simple Moving Average (SMA) line. This specific technical flag may signal that sellers have grown stronger than buyers. In addition to this, the Moving Average Convergence Divergence (MACD) line is closing in on the MACD Signal line, which indicates that the SATS price may enter into a short-term bearish trend soon.
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