SAGA/USDT is trading around 2.4708u, up slightly by 0.13% over the last 24 hours. The price has declined from the recent high of 2.6754u and is hovering around the 20 EMA.
Technical analysis:
1. ALL:
Trading volume has been on a downward trend in recent days, indicating a lack of interest from both buyers and sellers.
CVD (Cumulative Volume Delta) shows distribution in recent days, with selling pressure dominating.
Aggregated Spot CVD also confirms this distribution trend.
2. Wyckoff:
SAGA may be in an accumulation phase after a price drop.
Price is fluctuating in a narrow range, with attempts to retest the support zone below.
Low trading volume shows lack of interest from large investors.
3. Technical indicators:
RSI: RSI is hovering around 50, indicating that the market is in neutral.
MACD: MACD is moving below the signal line, indicating a short-term bearish trend.
Support and resistance levels:
Support: 2.4588u (EMA 50), 2.3431u (EMA 200)
Resistance: 2.5708u, 2.6754u (Recent peak)
Forecast:
Short-term: SAGA may continue to fluctuate within the current narrow range, with a slight downtrend prevailing.
Medium term: If price breaks below EMA 200, SAGA could decline to the next support zone around 2.2u.
Long Term: SAGA still has long term upside potential if price breaks the resistance at 2.6754u and forms a new uptrend.
Entry point:
Buy: Wait for confirmation of a bottom and trend reversal, such as price breaking above the 20 EMA accompanied by increasing volume.
Sell: If price breaks below EMA 200 with increasing volume.
