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- Binance announced on its blog today that it will be listing SATS at 12:00 UTC today.
- SATS is a BRC-20 token that pays tribute to Bitcoin’s founder Satoshi Nakamoto.
- An ascending triangle has emerged on BTC’s 4-hour chart, which suggests that its price may enter into a bullish move soon.
The leading cryptocurrency exchange platform Binance announced on its blog today that it will be listing BRC-20 SATS (1000SATS) at 12:00 UTC today. According to the post, the platform will open trading for three new spot trading pairs; 1000SATS/USDT, 1000SATS/FDUSD and 1000SATS/TRY.
In addition to these spot trading pairs, the blog post revealed that 1000SATS will also be added as a borrowable asset. This new margin pair will be opened for trading within 48 hours after the spot trading pairs go live, according to the post.
SATS is a BRC-20 token that pays homage to Satoshi Nakamoto, the creator of Bitcoin (BTC). The token’s name, SAT, is an abbreviation for satoshi, which is the smallest unit of BTC. Although the project’s name is linked to Bitcoin and its creator, Binance highlighted that the token is a meme coin and is inscribed by an anonymous team.
Given the fact that SATS is a BRC-20 token, its listing on one of the biggest exchange platforms could have a positive impact on the price of BTC. At press time, the market leader’s price was slightly down, according to data from CoinMarketCap. The cryptocurrency was trading hands at $42,002.64 after it slipped 0.30% over the past 24 hours.
4-hour chart for BTC/USDT (Source: TradingView)
From a technical perspective, an ascending triangle has emerged on BTC’s 4-hour chart after the cryptocurrency recorded three higher lows over the past 12 hours. Should this pattern be validated, the leading cryptocurrency’s price could surge to above the base of the triangle pattern at $42,560 in the next 24 hours.
A 4-hour candle close above $42,560 could then be identified as a long entry by day traders. This potential injection of capital could elevate BTC’s value towards the $44,500 resistance level within the following 72 hours.
This bullish thesis may not materialize if BTC fails to close a 4-hour candle above $42,560 within the next 48 hours. In this more bearish scenario, BTC could pull back towards the key support level at $40,900.
The post Binance Announces the Listing of a BRC-20 Token, Will BTC Surge? appeared first on Coin Edition.