- Saga has less than 9% of its total supply in circulation.
- The coin was released less than a month ago.
Saga is a digital asset and protocol enabling the creation of application-specific blockchains in a multichain ecosystem. It streamlines blockchain deployment for developers, offering a CI/CD pipeline for easy deployment of sovereign chains.
Saga simplifies the transition from web2 to web3 environments, fostering participation in the multichain crypto infrastructure.
Saga crypto was launched on April 9th, 2024. As crypto is new, its price volatility is not yet calculated and the fear and greed index further indicates greed.
The maximum supply and the total supply of the SAGA crypto are the same while a very less amount of the total supply is in circulation. Following this, the maximum supply of the crypto is 1.00 Billion SAGA and the circulating supply of the crypto is 90.0 Million SAGA.
The market cap of the crypto has declined by 4.4% in the last 24 hours while the trading volume of the crypto fell 23.2%. This shows that although the price of the crypto is declining, the decline in the price is not inviting new traders in the crypto. This could lead to a change in the trend in the upcoming days.
The current market cap value of the crypto is $$313.146 Million and the value of the traded volume for the crypto in the last 24 hours is $95.653 Million. This further results in a volume/market cap ratio of 30.94% which is considered very good for liquidity in crypto.
What The Derivatives Say About Saga Crypto For The Last 24 Hours?
The Coinglass liquidation chart shows higher long liquidations in the crypto price over the last few days. Despite this, the short liquidations for the crypto also has been close to the same.
The following liquidation data shows that the buyers and sellers, both have been trying hard to win the battle but the sellers somehow have been leading in the fight.
The derivatives traded volume for the crypto further has witnessed a decline of 28.3% in the last 24 hours. Following this, the open interest of the crypto further has declined by 9.5%.
The recorded long liquidation for the crypto over the last 24 hours is $183.83K which is much higher than the short liquidation of $46.24K.
SAGA Crypto Technical Analysis
The SAGA crypto price is following a bearish momentum declining from the higher levels. Following the most recent swing high of $4.88, the price of the crypto has declined by 30%. Currently, at the time of writing the price is trading at a level of $3.4426 and the price of the crypto shows the possibility of further decline in the trading price of the crypto.
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SAGA/USD Chart by TradingView
On lowering the timeframe to 1H and plotting the indicators, a further bearish trend confirmation can be seen. Popularly used EMAs such as the 50-day and the 200-day EMAs are trading in a bearish cross, the price of the crypto is also declining and trading below the following EMAs.
The MACD indicator confirms the bearish sentiment as the MACD and the signal line have been consistently hovering below the zero level for a long time. It further has formed a bearish cross of the following metrics showcasing the possibility of further decline in the price of the crypto.
The RSI is trading at 29.4 which is the oversold level of the RSI indicator. This further shows how dominant the sellers have been and how strong profit booking has taken place in SAGA crypto.
Summary
Saga faces a bearish trend as it slips from recent highs, declining by 30%. Technical analysis indicates a potential further downtrend, with EMAs in a bearish cross and MACD signaling continued decline. RSI at 29.4 reflects oversold conditions, suggesting strong selling pressure and profit booking.
Technical Levels:
- Support Levels: $2.10 and $3.120
- Resistance Levels: $4.70 and $6.150
Disclaimer
This article is for informational purposes only and does not provide any 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.
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