SATS Price Prediction: SATS Drops 2% to as It Loses a Key Support Level but May Begin to Climb Soon

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The SATS price dropped more than 2% over the past 24 hours to trade at $0.0000004307 at press time.

SATS Price Falls Out of a Bullish Channel

4-hour chart for SATS/USDT (Source: TradingView)

The SATS price dropped out of a positive price channel over the last 72 hours as it was attempting to challenge a medium-term negative trend line. Falling out of this bullish range resulted in the crypto losing the support of the $0.0000004505 mark. A negative price channel has also emerged on SATS’ 4-hour chart after the crypto printed a series of lower highs and lower lows throughout the past 2 days.

Should this negative momentum continue, the SATS price may soon retest the $0.0000004025 support level. A break below this significant price point may then put the altcoin at risk of falling to the subsequent support at $0.0000003505 in the short term.

This bearish thesis could be invalidated if the SATS price closes a 4-hour candle above the upper boundary of the negative price channel. In this alternative scenario, the crypto may look to reclaim the $0.0000004505 support. Thereafter, it will need to overcome the medium-term negative trend line that has emerged on its chart. A break above this trend line will be a significant bullish development, which may lead to the SATS price challenging the $0.0000005420. In an extremely bullish scenario, the altcoin could rise to as high as $0.0000006535 in the upcoming fortnight.

Technicals Suggest a Reversal Soon

Technical indicators on the crypto’s 4-hour chart are showing signs that SATS’ negative trend may have reached its end. The Moving Average Convergence Divergence (MACD) line is starting to rise towards the MACD Signal line, which could be an early sign of a potential bullish reversal.

In addition to this, the Relative Strength Index (RSI) has leveled off close to oversold territory at around 40. The SATS price currently has greater short-term upside potential than downside potential. Traders may therefore jump on the opportunity to purchase the crypto at its current discounted price.

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Author

Steven Walgenbach

Steven's passion for cryptocurrency and blockchain technology began in 2014, inspiring him to immerse himself in the field. He notably secured a top 5 world ranking in robotics. While he initially pursued a computer science degree at the University of Texas at Arlington, he chose to pause his studies after two semesters to take a more hands-on approach in advancing cryptocurrency technology. During this period, he actively worked on multiple patents related to cryptocurrency and blockchain. Additionally, Steven has explored various areas of the financial sector, including banking and financial markets, developing prototypes such as fully autonomous trading bots and intuitive interfaces that streamline blockchain integration, among other innovations.

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