1000SATS Jumps 18% as the Second Biggest Gainer, Bullish Outlook Unclear

Key Takeaways

• 1000SATS increased 18%, showing resilience amid market decline.
• Price action suggests potential for bullish outlook continuation.
• Further upside needed to confirm a higher degree wave 3.

The cryptocurrency market declined from Monday, Aug. 26, until Sept. 1, losing 12% of its value. It found support around $2 trillion and started to recover, but only making up for the loss it previously made on Sunday. 

However, some cryptos showed more resilience, among them is 1000SATS, which increased by 18% since it opened yesterday. It crossed $0.00030 after making a higher low, but considering the broader price context, is this enough to maintain a bullish outlook? 

1000SATS Price Analysis 

In some of our previous price predictions, we projected that the price of 1000SATS might be starting a bullish phase. This was due to a breakout above the long-lasting descending channel from December 2023. The price action formed a five-wave pattern, and at the time, we were expecting a corrective move to the 0.618 Fibonacci retracement level as its first corrective wave before it could advance further. 

Although our prediction regarding the price direction was accurate, the momentum behind the subsequent expected rise wasn’t enough to count as wave 3 from the higher-degree five-wave impulse. Instead, the price of 1000SATS barely crossed its previous high of $0.00033 on July 26. 

On Aug. 24, it reached $0.00042 and shortly made a downturn, entering the territory of its previous correction. It maintained a higher low of $0.00026 on Sep. 2, from which we saw the mentioned 18% spike. 

The leading question on whether this spike turned the outlook bullish derives from these facts. Considering the described price action, what changed and what’s the next projection for 1000SATS?

1000SATS Price Prediction 

Zooming into the 4-hour chart and looking closely at the wave structure behind the rise from Aug. 5 to 26, we can see that the price has advanced in a three-wave manner before making another descending move. 

In conjunction with its previous descending move until Aug. 5, we can count this ascending channel as having the same degree of corrective structure. In other words, what changed is that instead of counting the completion of wave 2 on Aug. 5, we could presume it ended on Sep. 2. 

The low could also be suggested by the 4-hour RSI, which fell to the oversold zone of 30% on Aug. 28 and remained there for several days until the price started recovering. 

However, to confirm this outlook, we need to see further upside movement to at least $0.00037, after which the price should maintain a higher low above $0.00033. Only if this happens, we can anticipate a decisive upward advancement for its higher degree wave 3 to develop, currently projected at a target of $0.00063.

This is because there is still a chance that the rise since yesterday is corrective and since it is still a lower high, it could lead to another downturn, breaking the ascending support. 

About the Author

Nikola Lazic

Nikola Lazic is a cryptocurrency analyst and investor working in the industry since 2017. He holds a bachelor's degree in Sociology, which enables him to better understand the psychology behind the crowd´s positioning. Consequently his preferred analytical tool is Elliott Wave Theory in combination with price action analysis. Combining his experience in trading and investing with knowledge in content writing he strives to bring the most accurate and actionable information. Expertise: Cryptocurrencies, Technical analysis, Elliott Wave Theory, On-chain metrics, Research reports.

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