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.
Amid the significant volatility, the token continued trading with a bullish bias and crossed the key moving averages. Fueled by the market rebound, the token held gains around its pivot of $0.0002700. Furthermore, it made a bullish engulfing candlestick, conveying buyers’ dominance.
SATS price experienced a daily surge of over 9.89%, traded at $0.0003118. The gains came amid growing market interest and buying activity around SATS.
SATS Crypto Attempts To Resume Bullish Spell
The daily chart showed that the token has consolidated within the $0.0002000-$0.0004000 range since last month.
Buyers are most likely driving the trading volume as they chase the reversal. They are aiming to profit from the SATS token while the rest of the market stays cool.
The Relative Strength Index (RSI) showed an upward move, with a reading of 53 depicting neutral projections. Still, it has reflected a negative crossover, highlighting concerns for the bulls.
The price action indicated that the SATS crypto is moving closer to the trendline support zone and could see a pullback.
In a recent tweet, @Market Spotter pointed out that SATS has begun to ride a bullish reversal. It has retested the upward trendline level. A reversal could be seen from there, which may resume 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
— Market Spotter (@MarketSpotter) September 2, 2024
However, the MACD indicators guide a bullish thesis, which has ended the formation of red bars. Per the Fib retracement levels, the SATS coin price has comfortably stayed above the 38.2% level. It is targeting to surpass the 50% level, $0.0003900.
Surge in Popularity
Amid the short-term SATS price reversal, investors have shown interest and started chattering about it on the media platforms. This happened as a significant spike was observed on the social dominance data chart.
Similarly, the SATS crypto’s social volume witnessed a slight move at 71. After that, the SATS price surged from $0.00003000 to $0.0003170 within the last 48 hours. Hence, an inference from this was that the search for SATS has not hit a FOMO stage.
FOMO is an acronym for Fear of Missing Out. In this phase, participants who faded from buying at a lower price start purchasing when the token price has risen considerably.
Besides the rising interest in the spot market, the futures market also shows a spike in trading activity. Notably, the OI spiked by 13.20% to $48.66 Million, signifying prolonged buildup activity in the past 24 hours.
Open Interest Data | Source: Coinglass
Typically, when OI rises with the price surge, it points to bullish momentum and growing investor confidence. Nonetheless, the funding rate went positive, at 0.0026%, indicating a bullish sentiment as traders took long positions.
If the SATS price is sustained above $0.0003000, above the trendline support, it could rally toward $0.0003800. It was followed by $0.0004200 in the short term. On the other hand, if the trendline level breaches, the token may slip toward $0.0002700, followed by $0.000240.