Technical analysis by alemicihan about Symbol SAGA: Buy recommendation (10/14/2024)

Cup and Handle Pattern:The pink curve outlines a "Cup" formation, which is a bullish reversal pattern. This is typically formed when there is a gradual rounded bottom, followed by a breakout to the upside.The cup's depth is marked by a large percentage gain (272.58%), reflecting the potential move from the bottom of the cup to the breakout point (the green line at approximately $3.30).Price Levels:Current Price: Around $3.30.Resistance Levels:There’s a projected upward target of $6.5010, which aligns with the height of the cup pattern and indicates where the price might go following a successful breakout.Support Level: The lower green line at $1.7944 shows a significant support area in case the price reverses downward.Measured Moves:The text "2.3628 (272.58%)" and "4.7561 (272.57%)" indicates that this chart predicts a possible price movement of around 272% from the breakout point if the cup-and-handle pattern plays out correctly. These values reflect the price movements from the bottom of the pattern to the top.Blue Area:The blue dashed line and area likely represent a possible consolidation zone or retracement (the "Handle" of the Cup and Handle pattern) before the price potentially continues upwards.In summary, this chart suggests a bullish outlook for the SAGA/USDT pair, with a potential breakout from the cup-and-handle pattern leading to a significant price increase. However, the handle could form before the price reaches the predicted target of $6.50. Keep in mind that while this is a bullish technical setup, it’s important to manage risks and consider market conditions.