Home Crypto Crypto Market Analysis SAN/BTC Is The Retreat Completed?

SAN/BTC Is The Retreat Completed?

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Santiment Network Token (SAN)


Market Cap: $53.67M

Circulating Supply: 62.66M SAN

Max Supply: 0 SAN

Volume (24h) $777.54K

SAN/USD = $0.85343


SAN/BTC Technical Analysis


SAN/BTC has found a very strong support and now is fighting very hard to recover after the impressive sell-off. It remains to be seen what will happen because the rate has already found a temporary resistance. You should know that the rate remains under selling pressure as long as it is located right below some very important resistance levels.


 

It is trading at 0.000131380 level, much below the 0.000142000 today’s high signalling that we could have a retest of the near-term support levels soon. SAN/BTC has found a strong support right below the down sloping line and right below a major support zone. Actually, it has made a false breakdown below the mentioned levels and that’s why we could think of another leg higher at least in the short term.

SAN/BTC could increase only if it will stay above the 0.000127226 static support, above the down sloping line and below the lower median line (lml) of the ascending pitchfork. However, a valid breakdown below the lower median line (lml) will confirm a further drop in the short term.

Price is trapped below the downtrend line and below the 50% Fibonacci line of the ascending pitchfork. So, only a valid breakout above these dynamic resistance lines will confirm a broader rebound.


Conclusion


We’ll have a great buying opportunity only after a valid breakout above the downtrend line and above the 50% line. The major upside target it will be at the upper median line (uml) of the ascending pitchfork.

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