Meme Coin SATS Could Breach Four-Month-Old Barrier After Its 25% Rally
08/13/2024 13:52
SATS has noted strong performance in recent days and appears poised for further growth, as long as it can maintain its bullish momentum.
SATS (1000SATS) price increase over the last 24 hours placed the meme coin at the top of the best performers’ chart.
There is a prospect for further growth for the Satoshi-dedicated meme coin, provided the ongoing uptrend is sustained.
SATS Has a Shot
SATS price could be looking at a rise in the coming days. This is because the altcoin’s indicators are suggesting that the current bullishness is strong enough to push the meme coin upwards.
The meme coin’s Average Directional Index (ADX) has fallen below the 25.0 threshold, indicating that the downtrend has completely lost its strength. This suggests that the selling pressure has dissipated, and once it crosses 25.0, the trend’s direction could change soon.
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In addition to the ADX signal, the Relative Strength Index (RSI) is also exhibiting bullish momentum. The Relative Strength Index (RSI) is a momentum oscillator that measures the speed and change of price movements. It helps identify overbought or oversold conditions in a market.
In the case of SATS, the strong RSI reading reflects increasing buying interest and positive market sentiment. Furthermore, as the indicator is far below the overbought threshold of 70.0, it has considerable room for growth.
Thus, the negative pressure seems to be easing while the positive momentum is gaining strength. However, investors should wait for further confirmation.
SATS Price Prediction: Crossing a Line
SATS price at $0.000310 is revealing a 25% increase, which the meme coin has noted over the last 24 hours. This helped the Satoshi Nakamoto homage-paying crypto asset to regain the profits it lost during the late July to early August rally.
The next target for the SATS price is to breach and flip the resistance at $0.000349 into support. This level has been holding the meme coin back for nearly four months following the failed attempt to secure it as support in mid-April.
Read More: 7 Hot Meme Coins and Altcoins that are Trending in 2024
However, given that the altcoin has failed thrice to break this barrier in the past, it could fail again. As a result, the SATS price could remain consolidated above $0.000253, invalidating the bullish thesis.
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Aaryamann Shrivastava is a technical and on-chain analyst at BeInCrypto, where he specializes in market reports on cryptocurrencies from diverse sectors, including Telegram Apps, liquid staking, Layer 1s, meme coins, artificial intelligence (AI), metaverse, internet of things (IoT), Ethereum ecosystem, and Bitcoin. Previously, he conducted market analysis and technical assessments of various altcoins at FXStreet and AMBCrypto, covering all aspects of the crypto industry, including...
Aaryamann Shrivastava is a technical and on-chain analyst at BeInCrypto, where he specializes in market reports on cryptocurrencies from diverse sectors, including Telegram Apps, liquid staking, Layer 1s, meme coins, artificial intelligence (AI), metaverse, internet of things (IoT), Ethereum ecosystem, and Bitcoin. Previously, he conducted market analysis and technical assessments of various altcoins at FXStreet and AMBCrypto, covering all aspects of the crypto industry, including...
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