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The SATS price jumped more than 3% over the past 24 hours to trade at $0.0000005079 at press time as investors continue to scoop up the altcoin.
The SATS Price Is Rejected by Resistance Again
4-hour chart for SATS/USDT (Source: TradingView)
The SATS price was rejected by the $0.0000005420 resistance level earlier in today’s trading session. As a result, the altcoin stands the risk of correcting to the $0.0000004505 support level in the next 24 hours. As long as SATS does not drop below this significant mark, it may consolidate for the next 48 hours before potentially entering another leg up. This could lead to the altcoin rising to as high as $0.0000006535.
On the other hand, a break below $0.0000004505 in the coming 48 hours may delay this bullish move from taking place. In this alternative scenario, the SATS price could fall to $0.0000004025. As long as the altcoin remains above this price point, the bullish thesis may still be in play. However, a drop below this key level could expose SATS to the risk of falling to as low as $0.0000003505.
Bulls Are Losing Their Strength
Technical indicators on the crypto’s 4-hour chart show that bulls have lost some of their momentum. The Moving Average Convergence Divergence (MACD) is closing in on the MACD Signal line. This specific technical flag suggests that the altcoin’s bullish trend is losing strength. In addition to this, the Relative Strength Index (RSI) is closing in on its Simple Moving Average (SMA) line. These two lines intersecting may signal that sellers have gained a temporary upper hand against buyers, which may lead to the SATS price dropping slightly.
To mitigate risk, investors may want to cash out now until the SATS price breaks above $0.0000005420. A break above this level could clear a path for the crypto to rise more than 21%. However, a bearish double top pattern is forming on the altcoin’s 4-hour chart. This may be an early indication of the crypto dropping in the next couple of days, and could lead to SATS falling to $0.0000003505.
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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