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On a day when altcoins are more active compared to Bitcoin, SATS (1000SATS) has surged in the last 24 hours, placing it at the top of the best-performing altcoins chart. There are comments suggesting that more growth could occur for this meme coin, created in honor of Satoshi, if the current trend continues.
Will SATS Rise?
After its price movement, there is a widespread belief that SATS’s price could rise in the coming days, with the CPI data from the USA expected tomorrow potentially having a significant impact on the process, possibly reversing the trend. However, in a scenario where everything goes positively, reasons for this situation can also be presented. For example, even in its current state, the indicators of the altcoin show that the meme coin is strong enough to push upwards.
The Average Directional Index (ADX) of the meme coin has fallen below the 25.0 threshold, indicating that the strength of the downtrend has completely dissipated. This shows that the existing selling pressure is gradually decreasing, and with the 25.0 level being surpassed, the trend direction could soon change.
In addition to the ADX signal, the Relative Strength Index (RSI) also continues to show upward momentum. To briefly explain the Relative Strength Index (RSI), it is a momentum indicator that measures the speed and change of price movements. It is one of the indicators that investors frequently follow to determine overbought or oversold conditions in a market.
When examining SATS, the positive RSI value reflects the increasing buying interest in the market while also indicating positive market sentiment. On the other hand, since the indicator is still far from the 70 level, which signals overbought conditions, it can be stated that it still holds significant strength for growth.
Therefore, while the positive momentum for SATS seems to be strengthening, the negative pressure appears to be gradually lessening. However, it is important for investors not to rely solely on RSI and ADX, as the situation of BTC and global economic factors should also be closely monitored.
What Will Be the Price of SATS?
After its rise, SATS’s price reached $0.0003147, reflecting an 18% increase in the last 24 hours. This situation seems to have paved the way for the cryptocurrency attributed to Satoshi Nakamoto to regain the profit it lost during the decline from the end of July to the beginning of August.
Based on the current upward scenario for SATS, the next target is considered to be breaking the $0.000349 resistance and turning it into support. This level could not be solidified as a support level in mid-April and subsequently experienced a decline. Following this unsuccessful process, the meme coin has remained behind this level for approximately four months.
