What's Behind the SaucerSwap Price Increase? | Credit: Veronica Cestari
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Key Takeaways
SaucerSwap (SAUCE) has doubled in the last two weeks.
The SAUCE swipe is nearing a 500-day resistance trend line.
Can SAUCE break out from this resistance and hit new highs?
SaucerSwap is Hedera’s biggest decentralized exchange, and its native token is SAUCE. After Hedera’s massive increase, SAUCE has followed suit and increased by over 100%.
SAUCE fell to a low of $0.025 in June, the lowest point in a 90% long-term decline.
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Besides the massive loss of value, the decrease was concerning since the SAUCE price broke down from the $0.038 horizontal support area.
However, that was not the case, since the ensuing bounce caused a reclaim of this level, creating a deviation below it.
While the deviation is a positive development, it becomes even stronger when accounting for the bullish divergences (orange) in the Relative Strength Index (RSI) and Moving Average Convergence/Divergence (MACD).
After the reclaim, the only thing standing in the way of the SAUCE price and a new all-time high is a 500-day descending resistance trend line.
New SAUCE Highs
The price action is bullish, and the wave count predicts that a long-term correction has ended and new highs are likely.
The aforementioned 90% decline was an A-B-C correction (red), with waves A and C having the same length.
Combined with the reclaim and bullish divergences, the wave count clearly shows that SAUCE has completed a long-term upward movement and its accompanying correction.
When combined with the reclaim and bullish divergences, the wave count clearly shows that SAUCE has completed a long-term upward movement and its accompanying correction.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Valdrin Tahiri is a cryptocurrency analyst and reporter at CCN, specializing in technical analysis with a focus on Elliott Wave theory, on-chain metrics, and fundamental research. He brings over seven years of experience in the crypto space as both a trader and writer.
He discovered cryptocurrencies in 2017 while earning his MSc in Financial Markets at the Barcelona School of Economics, which sparked a deep interest in blockchain and market dynamics. Since then, he’s contributed to top crypto outlets like BeInCrypto and CoinGape.
Valdrin also served as Community Manager of BeInCrypto’s Telegram group for three years, helping grow it into one of the largest crypto communities worldwide. His expertise in market structure and price patterns allows him to break down complex trends into clear, actionable insights.
He’s published thousands of articles covering altcoins, Bitcoin cycles, and macro trends.
