- SAGA token price reverted from its 50-day EMA mark and experienced a rejection.
- Open interest data surged over 9% to $29 Million in the last 24 hours.
After a bullish emergence, SAGA failed to deliver follow-on gains and entered a retracement phase. For the past three months, it has witnessed profit booking from the highs and dropped over 60%.
Trading inside a falling channel pattern, it retested its pivot support around the $1 mark and settled there. From the $1 mark, a significant rebound and a recovery of over 40% was noted in the last week and a half.
However, the signs of rejection were noted during the pullback near the $2 mark. Buyers failed to crack the 50-day EMA mark. It resulted in a fake breakout, and buyers seemed trapped there.
Nonetheless, SAGA could continue to ride the bearish trend and may deliver the downward moves ahead. Bears will continue to dominate the battle until the $2 mark is crossed.
Once the 50-day EMA mark is crossed, a significant upmove toward the $2.80, followed by the $3.20 mark, could be seen ahead. Its price action signifies low-volume buying and a lack of clarity.
How is SAGA Doing Right Now?
At press time, SAGA was trading at $1.70 with an intraday surge of 1.20%, reflecting neutrality on the chart. It has a monthly return ratio of 24.30% and 4257.20% yearly, reflecting a long uptrend.
The pair of SAGA/BTC is at 0.0000271 BTC, and the market cap is $156.59 Million. Analysts are neutral and suggest that SAGA may continue to underperform.
Regarding the market cap, SAGA was ranked 265 and has a total supply value of 1 billion, while the volume-to-market cap ratio is 0.320.
Can SAGA Bulls Cross the $2 Mark?
Despite the recent underperformance, SAGA has revived from the $1 mark and soared over 40% in the last two weeks. Undoubtedly, the token has comfortably held gains above the 20-day EMA mark.
Until the bulls secure the 20-day EMA mark, any major selloff is not to be expected.
SAGA Price Chart | Source: Santiment
RSI curve noted a sharp vertical spike and a positive crossover. It eventually revived from the oversold region amid significant accumulation from the bottom.
Surge Observed in Social Metrics
Following the recent price resurgence, a significant spike was observed in the social dominance data. It reflected the investors’ chatter for SAGA on social media platforms.
Social Dominance Data | Source: Santiment
If the weighted sentiment data declined, It dropped over 38% from its top and revisited the negative region, noted at the -0.186 mark, directing a shift in the market dynamics.
Its open interest data noted a fresh short addition and rose over 9.20% to $29.10 million in the last 24 hours. It represents the sellers’ willingness to push the bulls backward.
The immediate support levels for SAGA are $1.30 and $1.00, whereas the key upside hurdle is around $2.00, followed by $2.20.
SAGA climbed above the 20-day EMA mark but has failed to breach the 50-day EMA. A rejection candlestick was noted near the trendline barrier, and buyers seemed trapped there, which might trigger a next bearish leg toward the $1.20 mark.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
Dr. Naveen Singh is an entrepreneur with achievements in sports, academics, healthcare, innovation, blockchain technology, telecommunications, and philanthropy. He is the Co-Founder and Chief Executive Officer (CEO) of Inery, the first layer-1 blockchain programmed for database management. With Inery, he aligns with his vision of a new paradigm for data to empower web3 and complete decentralization.