SATS Price Stalls Near Support Levels: Could A Rebound Be Next?

In the last 24 hours, the SATS price (1000SATS) has significantly lowered by over 5%. However, it has been in an uptrend and continued to expand gains inside a rising parallel channel. The recent retracement from $0.0004000 pushed the SATS price toward the vital 100-day EMA support zone.

For the past few weeks, it continued to plot the higher high swings and portrayed bulls’ dominance. This descent led to a revisit of the channel’s lower region. Also, a significant range-bound move was observed throughout the week.

The $0.0003000 level is the crucial pivot, as buyers consider it a good entry point and could step into the long trade. As the SATS crypto surrenders in consolidation, a relief bounce can be anticipated in the coming sessions.

SATS Price Prediction: Can Buyers Drive a Bounce?

On the daily chart, the SATS crypto noticed a steady uptrend. This happened as the altcoin reflected a surge of over 70% last month. It continued to emerge inside the rising channel and made follow-on higher high and higher low swings.

The SATS price, trading at $0.0003032 at press time, was reeling a 5% decline over the last 24 hours.

Last week, the SATS price failed to extend gains above the 200-day EMA zone and faced rejection. This resulted in a retracement move.

Since the beginning of this month, the SATS crypto did not deliver any wild upmove. The token remained in a tight range, displaying a lack of buying pressure.

Moreover, the volume profile showed significant attention to trading activity at this price. This indicated buyers’ interest.

This signified that investors and traders perceive around $0.0003000 as a fair price. It furnished a solid base for likely upward movements.

Based on the bullish outlook, the On Balance Volume (OBV) indicator highlighted the market’s favorable structure. The high OBV reading suggested accumulation is ensuing, indicating it may renew the upswing.

The Awesome Oscillator (AO) reading was negative, meaning the momentum around SATS is bearish. This indicated that the SATS price will likely reduce.

Technical Indicators Data | Source: Coinalyze

From the image above, the Chaikin Money Flow (CMF) was noted below zero, at -0.15. This implied a liquidity exit from the market.

What Do On-Chain Metrics Say About the SATS Price?

Per the data from Santiment, the weighted sentiment data stood above the zero line at 0.589. This replicated that investors have looked confident in accumulating SATS crypto.

However, the social dominance curve stays flat at around 0.163%. It directed a neutral discussion activity among the investors on the media platforms.

From the Futures Market data, the Open Interest (OI) dropped over 6.80% to $52.67 Million. This implied long unwinding data over the past 24 hours.

If bulls successfully defend the $0.0003000 region, the SATS price might jump to $0.0003300 and $0.0003600. This nullified the bearish prediction.