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SocialGood Technical Analysis: Price Pise By 108.7%


cryptoknowmics.com 02 June 2022 09:34, UTC
Reading time: ~2 m

Key Technical Points

  • SG trades as low as $0.02411 in the last 24 hrs
  • SocialGood is bullish
  • The RSI is currently at 80.01%

SocialGood past performance

SocialGood technical analysis reveals that initially, SG was trading at $0.2687 before the price upsurged by 108.7% to reach $0.5165 at the beginning of June 1st. Since then, the price has slightly corrected to $0.4758. In the last 24 hrs, SocialGood has traded as low as  $0.2411 and as high as $0.5195. The price upsurge could be attributed to SocialGoodApp's Raising $14.2M For the Patented Crypto Back Platform on the 2nd of May 2022.

Source: Trading view

SocialGood Technical Analysis

Looking at the SG chart above, The RSI is currently at 80.01, in the overbought region, and looks like it is about to enter into the oversold region. The MACD line is above the signal line indicating a bullish trend. The price is currently, trading above the moving averages which indicates, a bullish trend in the market furthermore, the Bollinger bands are squeezed indicating low volatility in the market, and a breakout is expected. 14 out of the 26 technical indicators reveal a buy signal,2 sell, and 10 holds while the oscillator shows 2 buys and 9 holds. Currently, the trading volume of SG is $1,874,033.55 with a market capitalization of $108,446,847.06

SocialGood Upcoming Trend

SocialGood is expected to have a bullish trend in the market. The price might correct itself and enter into a consolidation phase before resuming its uptrend.  Investors are advised to buy on dips and hold for the long term. The stop-loss should be placed below $0.33, and take profit at $0.55 levels.

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