Saitama Inu spikes 37% post-New Listing; More gains in store?

Saif Naqvi
Saitama
Source: Pixabay

Saitama Inu is aboard a vehement rally that shows no signs of slowing down thus far. Bullish sentiment, pouring in from a new exchange listing, could help the alt climb by an additional 14% going forward. At the time of writing, SAITAMA traded at $0.00000001727, up by 37% over the last 24 hours.

OKX Listing Driving Hype?

Saitama Inu has been making headlines since its showing at the Crypto Expo in Dubai. To capitalize on the hype, well-known cryptocurrency trading exchange OKX became the latest to list Saitama after a voting round was conducted between a list of altcoins. As per the announcement, the SAITAMA/USDT pair will go live on 29 March at 6 AM UTC.

Saitama Inu 4-hour Chart

Source: TradingView

Soon after the announcement was made, the 4-hour chart recorded large green candles as investors flocked to exchanges to buy Saitama.

Through a quick technical analysis, the next logical targets for SAITAMA were identified at $0.00000001928 and $0.00000002091. The zone between the levels was also the strongest resistance barrier on the chart since February.

As per the 4-hour MACD and Directional Movement Index (DMI), both of which gauge market trend and momentum, Saitama would face minimal hurdles in its ascent over the next 24-48 hours. Furthermore, the 24-hour trading volumes across exchanges spiked by 200% at press time, which meant that volatility was not an issue as well. These factors, along with a chance of a further 14% hike, made Saitama a good buy.

Price Strategy

Source: TradingView

To ride Saitama’s bull wave, traders can set up buy orders at $0.00000001592 and stop-loss at $0.00000001350. Now, exits need to be well-timed and precise. The 4-hour RSI peaked in ‘overbought’ ground, which could limit gains going forward as some traders cash out. Hence, a stop-loss can be maintained at the first target of $0.00000001928. The trade setup carried a 0.6 risk/reward ratio.