Currently, the price of 1000SATS is trading around 0.0002929 USDT, after falling from a recent high of 0.0003463 USDT.
Technical analysis:
1. Price and trend:
1000SATS is in a medium-term downtrend, as shown by lower highs and lower lows.
Price is retesting the important support zone around 0.0002929 USDT.
2. Model:
1000SATS forms a "Falling Wedge" pattern, indicating a potential reversal signal.
This pattern usually appears when the price is decreasing, but the price fluctuation range is narrowing.
If the price breaks the upper trendline of the Falling Wedge pattern, an uptrend may occur.
3. Support and resistance levels:
Resistance: 0.0002930 USDT, 0.0003000 USDT, 0.0003080 USDT (Strong High).
Support: 0.0002929 USDT, 0.0002800 USDT, 0.0002695 USDT (Recent Bottom).
4. Trading volume:
Trading volume did not fluctuate significantly during the observation period.
This shows that the selling force is not too strong, but the buying force is not enough to push the price up sharply.
Forecast:
Short term: 1000SATS may technically recover to the resistance zone of 0.0002930 USDT as the price is retesting the support zone.
Medium term: If the price breaks the upper trendline of the Falling Wedge pattern with high volume, 1000SATS could start a new uptrend, heading towards the resistance zone of 0.0003000 - 0.0003080 USDT.
Entry point:
Buy: Consider buying when price breaks the upper trendline of the Falling Wedge pattern with high volume, or when price successfully retests the 0.0002929 USDT support zone.
Sell: Consider selling when price breaks the 0.0002800 USDT support zone with high trading volume.
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