SATS Crypto Attempts To Resume Bullish Spell

SATS (1000SATS) price has been on a recovery track and plotted a short-term bullish reversal pattern. Since the beginning of July, the SATS crypto has emerged inside a rising channel, making higher swings.

The price of 1000 SATOSHIS (1000SATS) has been recovering recently and formed a short-term bullish reversal pattern. Since early July, the SATS crypto has been trading within a rising channel, making higher highs and lows.

Despite the volatility, the token has maintained a bullish bias and crossed above key moving averages. Buoyed by the market rebound, the token maintained gains around its pivot of $0.0002700. Moreover, it formed a bullish engulfing candlestick, indicating buying pressure.

The SATS price noted a daily gain of over 9.89%, trading at $0.0003118. The gains came amid increasing market interest and buying activity around SATS.

SATS Crypto Attempts To Continue Bullish Spell

The daily chart showed that the token has been consolidating within the range of $0.0002000-$0.0004000 since last month.

Most likely, buyers are driving the trading volume as they chase the reversal, aiming to capitalize on the SATS token while the broader market remained dull.

The Relative Strength Index (RSI) showed an upward move, with a reading of 53 depicting neutral projections. However, it noted a negative crossover, highlighting concerns for the bulls.

The price action suggested that the SATS crypto is approaching the trendline support zone and could see a pullback.

Recently, @Market Spotter highlighted in a tweet that SATS began a bullish retest of the upward trendline level. From there, a reversal could be seen, which may continue the uptrend.

The price of $SATS could bounce from the current trendline retest and continue the uptrend.

$1000SATS needs to stay above this price to remain bullish! pic.twitter.com/aXOkoJ9wpR

However, the MACD indicators hint at a bullish thesis, having closed the formation of red bars. As per the Fib retracement levels, the SATS coin price remained comfortably above the 38.2% level and is eyeing to cross the 50% level of $0.0003900.

Surging Popularity

Amid the short-term SATS price reversal, traders showed interest and began discussing it on social media platforms. This was observed as a significant spike on the social dominance data chart.

In a related note, the SATS crypto’s social volume also witnessed a slight uptick at 71. Following this, the SATS price surged from $0.00003000 to $0.0003170 in the past 48 hours. Thus, suggesting that the search for SATS has not yet reached a FOMO stage.

FOMO, an acronym for Fear Of Missing Out, is a stage where traders who faded on buying at a lower price begin buying when the token price has risen substantially.

Apart from the rising interest in the spot market, the futures market also noted a spike in trading activity. Notably, the OI spiked by 13.20% to $48.66 Million, indicating a continuous build-up activity over the past 24 hours.

Usually, when OI rises with the price surge, it suggests bullish momentum and traders’ confidence. But the funding rate turned positive at 0.0026%, indicating a bullish sentiment as traders went long.

If the SATS price sustains above the trendline support at $0.0003000, it could rally toward $0.0003800 and then the $0.0004200 level in the short term. On the other hand, if the trendline level breaks, the token may slide toward $0.0002700 and then $0.000240.

The above is the detailed content of SATS Crypto Attempts To Resume Bullish Spell. For more information, please follow other related articles on the PHP Chinese website!