What Does SATS Price Next Move Would Be?

16 Agu

The ace in the list had 18.47% growth this week, where the price traded at $0.0002904.
Earlier, the trend had been a downtrend. In the SATS price, entire trading activity had occurred in a channel, where the past 42 days of price activity had led to the falling wedge's breakout. The breakout was confirmed when the price pierced the upper border after July 15th, 2024.

A recent breakout pullback has been completed, and it was expected before that the price might make a Change of Character (CHoCH) by moving past the 200-day EMA. This could have taken SATS's price to the moon, but instead, the price fell nearly 20% in a mere 3 days, and an intraday dip of 6% has been registered.

Since the price is already above the support of $0.0000002467, the price could still bounce back, but breaking it would change the sentiment.

The SAT price indicators indicated that the bullish optimism has decreased, as the histogram showed decreased interest. Meanwhile, the RSI was at 50.74 and has pierced 14-SMA towards oversold, signifying current developed pessimism against the optimistic breakout in the market.

At press time, the hurdle is $0.0000004478 and $0.0000005867, respectively. However, the resistance could push the price toward the near support at $0.0000002467 and $0.0000001166, respectively.