SATS Pumps 38%, Will It Keep Rising?KUCOIN:SATSUSDT 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.
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.
