SATS Drops 2% to as It Loses a Key Support Level but May Begin t
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.
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.