Saitama Inu is onboard a massive price rally as the community awaits the official launch of Saitamask. The next 48 hours can bring about additional gains as the recent hysteria coincided with a symmetrical triangle breakout. At the time of writing, SAITAMA traded at $0.000000074, up by 42% since yesterday’s close.
Saitama Inu 4-hour time frame
The bullish onslaught was observed after SAITAMA formed a series of lower highs and higher lows and traded within a symmetrical triangle setup. A breakout on strong volumes has set up SAITAMA for an organic rally, especially the price crossed above a supply zone. Additional targets were identified on the Fibonacci Tool via SAITAMA’s decline from $0.000000093 to $0.000000035 in November 2021.
A quick look at the chart showed that SAITAMA needed to register another 6% surge to tag the 78.6% Fibonacci level. A convincing close above $0.000000081 would carry an additional 23% upside due to the lack of established resistance regions. Overall, the rise from $0.000000055 to $0.000000093 would account for a 72% increase. A round of profit-taking can be expected soon after. Meanwhile, a climb towards the 161.8% and 200% Fibonacci levels would need to be backed by a broader market rally.
On the other hand, SAITAMA could swiftly change course if bulls fail to overcome the 78.6% Fibonacci Level. A close below the 5 period EMA and 61.8% Fibonacci could result in an additional 19% decline, with the most reliable support available only at $0.000000057.
Indicators
The 4-hour Awesome Oscillator and MACD hit near 2-month highs due to the buying frenzy. Such a spike was last observed in November when SAITAMA witnessed a price gain of 144%.
Strong buy orders were also expected to drive the RSI deeper into the overbought zone. However, investors should keep an eye out for new peaks on the RSI. A bearish divergence would come to light if the RSI forms two lower peaks and the price moves higher. Divergences usually play a vital role in dictating selling or buying behavior.
Conclusion
SAITAMA would look good for another 23% hike if the price closes above the 78.6% Fibonacci level. Favorable readings on the RSI, MACD, and Awesome Oscillator would continue to assist buyers. However, caution must be observed if the price slips below 61.8% Fibonacci level. In such a situation, consider selling and reentering at a cheaper price level.