Home Crypto Crypto Market Analysis Santiment Bullish Scenario

Santiment Bullish Scenario

0
0

Santiment Network Token (SAN)


Market Cap. $75.26M

Circulating Supply: 62.66M SAN

Max Supply: 0 SAN

Volume (24h): $1.17M


Technical Analysis


SAN/USD moves sideways on the short term and seems determined to increase and to recover a little after the last bearish movement. The price developed a triangle chart pattern, so a breakout could bring us a perfect trading opportunity on the short term. Right now you should stay away because it is still under pressure. It is trapped below some very strong dynamic resistance levels, so only a breakout will announce a significant upside movement and will confirm the bullish scenario.



 

The rate dropped again after the breakout above the median line (ML) of the descending pitchfork. It has tested and retested the median line (ML) and now is moving away from it signalling that the bears are exhausted on the short term and that the bulls can step in again. It is still premature to say that we’ll have a sharp increase in the upcoming days.

We could have a great buying opportunity if the rate will make a valid breakout above the downtrend line and above the 1.6630 static resistance. The first bullish signal will be given by the breakout above the upside 50% Fibonacci line (descending dotted line) of the descending pitchfork.


Conclusion


You can go long on SAN/USD after a valid breakout above the downtrend line and outside the descending pitchfork’s body and you can place your Stop Loss somewhere below the former low or below the 0.8350 static support. We’ll have an important upside target at the first warning line (WL1) and another one at the median line (ml) of the ascending pitchfork. A drop below the 0.8350 level will invalidate the bullish scenario.

LEAVE A REPLY

Please enter your comment!
Please enter your name here