Saitama Inu Price Prediction: Double Top Pattern Slowly Forming

Summary:
• Saitama Inu price is slowly forming a double top pattern on the 4H chart. We identify the key levels to watch in the near term.

Thinly traded Saitama Inu price has had a strong run in 2023 as meme tokens make a remarkable comeback. SAITAMA/USDT soared to a year-to-date high of $0.0034, the highest point since August last year. According to OKX, the token has surged by 243% from the lowest point in 2022.

Transition from a meme coin

Saitama Inu is a meme coin that emerged in 2021 during the meme coin frenzy that followed the popularity of Dogecoin. Like other meme coins of the time, Saitama has been attempting to create utility around the ecosystem. For example, Shiba Inu is set to launch Shibarium, which will be its layer-2 platform.

Transitioning from a meme token into a viable network is not easy. A good example of this is Shiba Inu, which has attempted to do this in a number of ways. For example, after early success, activity in ShibaSwap has dried out. Similarly, Shiba Inu’s NFT collections are thinly traded and have not helped to boost the ecosystem.

Saitama Inu also created a SaitaCard, which is a Visa card that enables people to shop and spend 15 coins at any Visa-enabled terminal. It has no annual fee and is easy to use. However, it is still unclear how many people have signed up for the card.

SaitaSwap has had some success. According to CoinMarketCap, it handled cryptocurrencies worth over $264k in the past 24 hours. This makes it the 105th biggest DEX in the world. In contrast, well-known DEX platforms like Uniswap, dYdX, and OpenOcean handle over $600 million worth of tokens per day.

Saitama Inu price prediction

Saitama crypto price went parabolic and hit a multi-month high of $0.0034. As it jumped, it moved above $0.0017, the highest point in December. It then faced resistance, pulled back, and then found a strong support at $0.0024 on Monday. Now, it is attempting to form a double-top pattern whose upper side will be at $0.0031. The token is also being supported by the 50-day EMA.

Therefore, Saitama Inu price will likely have a bearish breakout in the coming days. It will first retest the double-top neckline at $0.0024 and then cruise down to about $0.020. The trend invalidation point for this view will be the double-top level at $0.0031. A volume-supported move above that level will be a sign that there are still more buyers out there. It will then push it to the year-to-date high of $0.0034.