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The Saga price plunged 9% in the last 24 hours to trade at $5.71 as of 00:21 a.m. EST on trading volume that dropped 78% to $383 million.
This comes just two days after the Saga Mainnet went live and over 70 Chainlets launched on day one. Chainlets are a way for the ecosystem to provide applications with infinite horizontal scalability.
Day One of Saga Mainnet.
All gas, no brakes. 🔥 pic.twitter.com/TRLUGcYapm— Saga ⛋ (@Sagaxyz__) April 10, 2024
Saga Price Set For A Trend Reversal Over The Falling Wedge
Shortly after its launch, the Saga price soared due to significant listings on major exchanges like Binance. This saw SAGA peak an exponential surge to an all-time high of $7.60 on April 9.
However, the bulls could not sustain the bullish stance, after which the price went through a retrace back to the support at around $6.04 and then back again to the resistance at $6.8. These price movements formed a symmetrical triangle pattern, which the bulls aimed to capitalize on to stage a breakout.
With the price moving down below the symmetrical triangle pattern below $6.0, SAGA negated the bullish outlook, with the bears taking control of the price. The downtrend has allowed SAGA to trade within the confines of a falling wedge pattern, with the bulls finding support at $5.61.
Additionally, the current downtrend is evident as SAGA trades below the 50-day Simple Moving Average (SMA). If the bulls use the support at $5.61, SAGA could eventually overcome the $5.97 barrier, which coincides with the 50-day SMA.
The Relative Strength Index (RSI) moves towards the oversold levels, currently at 41, which shows that investors are currently selling.
Saga Price Prediction
The Saga price analysis on the 30-minute chart indicates that SAGA is currently on a downtrend but with signs of a bullish trend reversal. With the formation of a bullish falling wedge pattern, the bulls aim to use the $5.61 support to push the price higher above the immediate support at $5.97 to target $7.24.
The RSI provides a bullish bias, having crossed the 50-midline level and heading south, which indicates that buyers may generate an incoming price reversal.
However, if the bears continue exerting more pressure, the price will go down to the critical support of around $5.38.
If you’re concerned about that bear pressure, one alternative is to consider the red hot Dogeverse presale, which has raised over $1.6 million in less than three days.
Dogeverse: A New 100X Gem Alternative?
Dogeverse (DOGEVERSE) is the first Doge meme token built on a multichain network spanning Ethereum, BNB Chain, Polygon, Solana, Avalanche, and Base.
The #DOGEVERSE sets a new standard for #Crypto #Tokens! 🌟
Buying and #Trading $DOGEVERSE across six major #Blockchains, amplifying Cosmo's vision of a unified crypto verse. 🚀
From #DEXs to #CEXs, join our #Memecoin enthusiasts and explore #Blockchain adventurers worldwide! 🌐 pic.twitter.com/lYgZszersR
— DogeVerse (@The_DogeVerse) April 10, 2024
The token is based on the space dog Cosmo and is poised to unite the crypto meme community and stand as the vanguard of multichain utility.
https://twitter.com/The_DogeVerse/status/1777683023787405618
The platform also allows investors to stake in Ethereum to earn passive rewards, and offers an impressive 675% annual percentage yield (APY). Holders have already staked over 2.5 billion $DOGEVERSE tokens.
ClayBro, a crypto analyst on YouTube boasting over 125K subscribers, says he’s bought $DOGEVERSE himself and predicts it will sell out quickly.
The team aims to leverage the upcoming International Doge Day on April 20, when the hype surrounding Doge reaches a fever pitch, to boost the token’s profile.
A price hike is coming in less than two days, or sooner if funds raised hit the stage target, so act fast if you are interested.
To participate in the presale, you can buy $DOGEVERSE from the official website here for $0.000291 per token. You can use ETH, USDT, or a bank card to make a purchase.
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