A lot of early $SAGA investors are losing a lot of money due to panic selling. Here's my heartfelt observation.

This past 12 hours I've been monitoring the trading behavior of SAGA and based on my observation, technical analysis may no longer be relevant. There's just too many weak hands, panic sellers, and SAGA is way oversold!

There are far more impatient sellers than buyers. I see those who bought at $6 to $7.8 during listing, sold their entire stash lower than $6 at a loss. Buyers, knowing this kind of scenario when a lot of sellers are dumping at a loss, will just put a buy order at low prices which is the primary cause of the down trend.

I also don't see much support from #Saga team after their mainnet launch and token listing, so there's not much excitement happening to attract new investors.

The good thing though is that the chart is starting to stabilize which means the price may not dip much further, but climbing back up to $7 is going to be tough as most buyers now will take profit immediately from a slight price pump which will cause a roller coaster ride.

The only way SAGA will pump steeply is if the Saga team will attract more projects and more new investors who will participate in their staking programs.

I'm still very much positive with their platform, it's just going to take sometime before we see price surge. But $8 - $9 is still my nearest target and $10 - $12 is my most reasonable stable price based on their whitepaper and use cases.