SATS recovers 104%, but double top formation threatens steep correction
Written by Ohris M. Greyoon, Blockchain & Crypto Expert
Source: Coinmarketcap
Updated: Aug 13 2024Current Market Situation: SATS has shown a significant recovery from its recent low, achieving a 104% gain since August 5, but is facing potential bearish signals with the formation of a double-top pattern that could lead to a price retracement.
Technical Indicators: The Stochastic RSI indicates overbought conditions, while the Ichimoku Cloud suggests a bearish trend; however, SATS remains above the cloud, indicating some bullish momentum as long as it holds above key support levels.
About the author
Ohris M. Greyoon
Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.
