Over the past 24 hours, SaitaChain has shown unusual movements in the charts with unpredictable volatility, travelling between the lower price of around $0.00013 per coin and a high of $0.00038.
After being flagged as a fraudulent pump and dump platform, leading to the arrest of its CEO Manpreet Kohli on October 7th, the SaitaChain started its downtrend and reached an all-time low of $0.00001936 on October 25th. However, it rebounded quickly, almost doubling the ATL market cap.
This sudden rise can be attributed to a number of factors, including the resignation of the founder Manpreet Kohli and the initiation of a 100% community-driven approach. The community now hope for a fully transparent and safe atmosphere, which can potentially increase the value of the project, if everything is rightly done.
Current Market Overview of SaitaChain $STC
Thanks to the recent gigantic downfall to the market cap of a mere $2.8 million, now the token is regaining momentum, and this unexpected quick recovery has attracted new investors.
After breaking the support level of $0.00096 around the second week of August 2024, STC was trapped in a downward spiral and it still hasn’t recovered from it. The recent accusations against the company boosted the downward speed. If we compare the current price with the previous month, we are almost 69% down. Coincidentally, we are 96% down from the all-time high.
The historical chart data shows us that we are not in the middle of a bull run. The coin is struggling to build a support level so that it can escape from draining out all the capital. Anyway, the sudden rise from the lowest level was impressive. At the moment of writing, the coin almost attained a 100% surge in 72 hours.
Factors Influencing SaitaChain’s Value
As a platform accused of organizing pump-and-dump schemes, the credibility is almost lost, and new investors will ignore the platform unless it comes up with various initiatives to attract people. Let’s get into the detailed view:
- Chart Pattern: We are now in the nearest position of the lowest level of the chart, losing 96% of the market cap from ATH. Also, when compared with the previous three months, we are around 75% down. If we place the support level of the last 3 days, $0.00025 as a base for the coming months, there is a high probability for the charts to show an exact opposite movement of the previous 90 days. That means we will see a bounce back.
- Market Sentiment: The recent update regarding the takeover of the platform by the community is helping SaitaChain to an extent. It helps as a small atonement for the alleged offences. But, it doesn’t have an impact outside the community. SaitaChain needs outside investments otherwise it won’t survive.
- Tokenomics: Among the 200 billion total supply, around 44.94 billion tokens are now in circulation, and 45% of the total supply is already burned. A long-term potential can be expected.
- Use Cases & Developments: The platform has various web3 tools like SaitaPro, SaitaCard, and SaitaSwap. It has recently launched its own blockchain, and the future roadmap looks promising. Now, everything is in the hands of the community, and if they strategically build an efficient, secure, and user-friendly atmosphere in the future, naturally users will flow.
SaitaChain Short-Term Price Prediction: Next Three Months
If the STC token continues this movement we witnessed in the past 72 hours, we can expect a boom for the next three months. Hopefully, it will coincide with the potential altcoin bull run, significantly increasing the market cap. As we said earlier, the charts show a reversal from the movement of the past 90 days. If it happens, in November we will see the completion of the revival from the red lines, reaching around $0.0004. December will see almost $0.0008 if it coincides with the alt run. We can expect the price to reach around $0.001 in January 2025. But, all these depend upon the trustworthiness of SaitaChain and a good amount of luck.
To tell the truth, nobody knows if this cryptocurrency is going to go up, down, sideways or in circles until a market maker takes control of it. A rich, brilliant, and compassionate market maker can navigate the market and aid economic sustainability. But what if the market maker appears to be a market manipulator? According to the FBI, SaitaChain’s parent company Saitama paid several market makers to create fake trades to hike the price artificially. If it is true, glad that it is now controlled by the community and we can hope for the best.
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