The Saga cryptocurrency price bounced strongly after retracing the monthly lows. The optimism in the broader market helped the crypto gain an impressive 10% a day.
The bulls stepped in today, due to which the blue-chip cryptocurrencies and altcoins headed for a recovery today.
In recent sessions, the crypto markets have seen a sharp crash, dragging several cryptocurrencies near the lows. Saga had declined for the last three months, and the recent crash widened the losses.
However, the analysts have noted some positive developments in on-chain metrics like weighted sentiment. This suggested a potential for improvement in the price.
Let’s combine all the data and get a clear picture of Saga’s trajectory in the upcoming sessions.
Weighted Sentient Curve Indicates Improved Investors’ Sentiment
As per the Santiment data, the positive sentiments seemed to be improving. That’s why the weighted sentiment curve shifted from bearish to bullish territory.
The weighted sentiment curve reflected the combined bias of the investors and traders, whether bullish or bearish. A shift in the weighted sentiment curve above the zero line suggests the increasing confidence of investors in crypto.
Along with a launch on April 9, 2024, the SAGA Protocol introduced 1 billion SAGA tokens at the genesis.
Saga’s mission is to support the creation of the next 1000 gaming and entertainment chains within the expanding Saga Multiverse. It offers end-to-end infrastructure for developers to build the next generation of blockchain applications.
Can Saga Price Make A Bullish Reversal
Saga price was rising after retracing the monthly lows. It highlighted the formation of a double-bottom pattern. The formation of a double bottom pattern indicates the possibility of a bullish reversal above the pattern’s neckline.
While applying Fibonacci from the recent swing high at $1.82 and swing low at $0.86. The golden zone was observed near the $1.44 level. The golden zone of Fibonacci is considered a crucial level for reversal.
On the higher side, if the bulls can surpass the golden zone, i.e., the $1.44 level, it could mark the end of a correction phase. It may also mark the initiation of a new bullish phase.
As of now, SAGA lags nearly 40% from the reversal zone. The bulls need a strong counter to shift the trend in their favor.
Also, the key EMAs of 20, 50, and 200 days were placed above the price, suggesting a prevailing bearish trend.
When writing, the RSI line was observed taking a bounce and was placed near 40 points. The 14-day SMA line was observed at 41.8 points. The bounce in the RSI highlighted a recovery in the short term.
