Home Crypto Crypto Market Analysis Santiment In The Buyer’s Territory

Santiment In The Buyer’s Territory

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Santiment (SAN)

Market Cap. $117.29M

Circulating Supply: 62.66M SAN

Max Supply: 0 SAN

Volume (24h) $2.61M

 

SAN/USD increased today and resume the yesterday’s bullish candle. Price has managed to get back above a very strong dynamic resistance. The breakout needs confirmation because we had another false breakout the last days. Santiment Network Token increased by 10.35% today but is premature to talk about a larger increase at this moment.

santiment network token

You can notice that the rate has made a false breakout above the median line (ML) of the descending pitchfork. SAN/USD is trying to make a valid breakout right now but remains to see if the bulls will be strong enough. Price dropped sharply on Wednesday as the crypto market has crashed, but it has failed to close right on the lower median line (lml) signaling that the bulls are still in the game.

The crypto has tested and retested the lower median line (lml) of the ascending pitchfork and now is somehow expected to start an important upside momentum. Price needs to take out the resistance from the sliding line (SL) of the descending pitchfork because only a valid breakout will confirm a further increase.

It will become strongly bullish after a valid breakout above the inside sliding parallel line (sl) of the ascending Pitchfork. We may get a buying opportunity after a breakout above the SL and only if it will stay above the lower median line (lml).

Conclusion

The SAN/USD will climb towards the upper median line (UML) of the descending pitchfork and towards the median line (ML) only if will stay within the ascending pitchfork’s body.

©Forex.Academy

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