What is SATS (1000SATS)?
SATS is a BRC-20 token that pays homage to Satoshi Nakomoto, the pseudonyms creator of the number one crypto Bitcoin. The token’s name is an abbreviation of Satoshi, which is the small unit of Bitcoin. The token itself is described as a memecoin and is inscribed by an anonymous team.
One Satoshi (SATS) is equal to 0.00000001 BTC and SATS (1000SATS) is 1,000 times of SATS. Binance is one of the crypto exchanges that lists SATS and allows traders to trade the token with three trading pairs, 1000SATS/USDT, 1000SATS/FDUSD, and 1000SATS/TRY.
SATS (1000SATS) Current Market Status
At the time of writing, SATS is trading for $0.0004288, showing a 5.42% increase in the past 24 hours, according to CoinMarketCap. However, in the long term the token was losing value, as seen by the 12.18% decrease in the past seven days and 39.23% decrease in the past month.
SATS market capitalization stands at $900,207,022, putting the token at number 70 in ranking by market cap. As for the trading volume in the past 24 hours, it’s standing at $49,166,588, showing a 17.9% decrease from the previous day.
SATS (1000SATS) Price Prediction 2024
The Relative Strength Index (RSI) is a momentum indicator that traders use to determine the current trend of the price movement and determine if it is in the oversold or overbought region. When the RSI is valued above or at 70, it’s considered an overbought region and traders expect the price could fall soon and that might be the case with SATS action in the past few days. Since January 24, the RSI was rising, getting close to the overbought region but the momentum didn’t gain strength and didn’t reach the 70 mark.
SATS/USDT 4-hour chart (Source: TradingView)
For SATS, the current RSI is valued at 40.72, showing a neutral trend, after recovering from falling below the 30 mark on February 4. However, the RSI has just crossed above the signal line, showing that SATS is performing above average.
When looking at the chart above, it can be seen that since last week, SATS has been fluctuating between $0.000385 and $0.000531. SATS is struggling to break through $0.000531, bouncing back from the price three times and labeling that price as the new resistance level.
A shift in the market has been noticed as $0.000531 is the prior support level for the token, but now the token is relying on $0.000385 for support. The RSI line and the price rebounding off of the support level could indicate a price increase.
SATS/USDT 4-hour chart (Source: TradingView)
Bollinger Bands is a technical tool used to analyze price movement and volatility. Expanding bands show more volatility while contracting bands show that the market is less volatile. Looking at the chart above, we could see a trend where each fall was followed by a period of consolidation.
Since SATS has had a fall recently, there could be a period of consolidation, given that SATS continues its trend. The amplitude of the price range could be from $0.0003690 to $0.0004675. If either of these is broken, then SATS could be on an up or downtrend.
In the event that SATS gains value, we could expect it to reach above $0.00085. On the flip side, if SATS crashes, it may look for support at $0.0003690 and if it doesn’t hold up, the token may need to find new support levels.
Conclusion
After analyzing the charts and previous price movements, SATS (1000SATS) may trade within $0.0006 to $0.0009 in a bull market, but if the bears took control, the memecoin’s price might retrace to $0.00036.
Read the full article here