Saitama Inu was amidst a correction at the time of press, having recorded a near 40% surge between 7-9 February. Although its 24-hour price was down by nearly 18%, a higher low placed above $0.00000024 would keep SAITAMA within a symmetrical triangle setup.
Saitama Inu 4-hour Chart
Saitama Inu’s price was under severe duress on the lesser time frame. A large red candle depicted losses of 20% at press time. Should the developing candle close below $0.00000024, a symmetrical triangle breakdown would be in effect. The same would put SAITAMA in danger of further losses as traders could take up short positions. A highly bearish outcome could see the price shift back to $0.00000018-support after an additional 25% decline.
Should a symmetrical triangle setup maintain shape, an upwards breakout would still be a possibility. Bulls would have to force a close above $0.00000032 swing high to generate more momentum. Based on the height of the pattern, a 40% upswing awaited SAITAMA in an optimistic outcome.
Meanwhile, the swap function on SaitaMask remains disabled even after six days due to front-running bots. An update sent out by Twitter user Saitama Official did little to change the wider sentiment as some users grew increasingly frustrated with the delay. Many thought that the session would reveal details regarding a Binance listing.
Indicators
A bullish twin peak on the Awesome Oscillator was an encouraging sign but it’s worth noting that such setups are often negated when broader FUD is present. Similarly, the RSI’s uptrend could be discounted until it clears the 55-60 zone.
Conclusion
SAITAMA’s correction was picking up steam and bulls needed to hold losses anywhere above $0.00000024. The worst-case outcome could see the price decline by an additional 25% over the coming sessions.