- SafeMoon price has been forming a falling wedge pattern since May 20.
- SAFEMOON broke out of this bullish pattern, confirming a 77% rally to $0.00000377.
- A decisive close below $0.00000157 will invalidate the bullish thesis.
SafeMoon price was consolidating inside a bullish pattern. However, recently, this pattern was breached toward the upside, indicating a bullish breakout confirmation. Going forward, investors can expect this uptrend to continue.
SafeMoon price kick-starts a bullish move
SafeMoon price has been setting up higher lows and lower lows since May 20. By connecting these swing points using trend lines, a falling wedge pattern forms.
This bullish setup forecasts a 77% upswing, determined by measuring the distance between the first swing high and swing low. Adding this distance to the breakout point at $0.00000212 reveals a target of $0.00000377.
As of August 6, SafeMoon price breached the upper trend line, indicating a breakout. Therefore, investors need to pay close attention to the resistance levels that are present between the current position and the forecasted target at $0.00000377.
In some cases, the uptrend might be halted by the ceiling at $0.00000264 since it served as a crucial support level before it was breached on July 19.
Therefore, confirmation of the upswing will arrive after SafeMoon price shatters $0.00000264.
After Dogecoin and Shiba Inu, is SafeMoon Inu the Next Big Memecoin?
- Dogecoin and Shiba Inu are the most popular memecoins.
- Will SafeMoon Inu be the next big memecoin?
Since the beginning of 2021, memecoins have come to become today’s alternative cryptocurrencies. Their growing demand shows a shift from it being a joke to a more serious investment. This became a reality thanks to the wider acceptance of Dogecoin (DOGE).
Dogecoin acceptance opened doors to other memecoins to sprung up and climb the crypto ladder to compete with mainstream cryptocurrencies. This is the case of Shiba Inu, the “Dogecoin Killer.”
For a couple of days, Shiba Inu is gradually taking the center stage among the 150 other memecoins. The buzz, speculations, and media surrounding the crypto are adding to its pump. SHIB surged by over 350.9% over the last 30 days. This means the value of this beloved crypto has gone up from $0.00000697 to $0.000046 in just a few weeks. Thus, Shiba Inu became the third most traded crypto on Binance.
Following this, people are eyeing another memecoin for similar profits with Shiba Inu and Dogecoin. This crypto is nothing else but SafeMoon Inu.
According to CoinMarketCap, SafeMoon Inu is trading at $0.000026 with a 24-hour trading volume of $3,209,867. Launched on May 13, 2021, the token is a community-driven meme and gaming token. It has a circulating supply of 1,000,000,000,000 SMI coins and a maximum supply of 1,000,000,000,000 SMI coins.
In addition, the token caught the attention of the crypto community as investors are looking forward to investing, hoping to make a huge profit.
So the real question here is, can Safemoon Inu follow the footsteps of Dogecoin and Shiba Inu?
Note that the team behind the token asserted that it is not just a meme token as they are developing a crypto gaming platform called SMI Play. Moreover, this play-to-earn gaming platform with in-game non-fungible tokens (NFTs) will provide rewards for SMI token holders.
SafeMoon price presents buy opportunity before 35% gains
- SafeMoon price coils up under a crucial resistance level at $0.00000239.
- A sudden burst in buying pressure that shatters this barrier can kick-start a 35% ascent.
- In some cases, SAFEMOON could pull back to $0.00000198 or $0.00000175 support floors.
SafeMoon price is grappling with the last hurdle before a leg-up that will continue its two-month-long bullish bottom reversal pattern. Therefore, clearing this barrier will likely trigger some gains for the holders.
SafeMoon price edges closer to breakout
SafeMoon price formed a bottom on September 28 at $0.00000109 after a 66% descent. This was a turnaround point for SAFEMOON as it rallied 120% from this point to where it currently trades.
This price action shows that SafeMoon price is forming a rounding bottom and will continue to head toward the peak at $0.00000311.
Currently, SafeMoon price is under the $0.00000239 resistance barrier, which is the only hurdle preventing a 35% ascent. Therefore, clearing this hurdle will kick-start a big bullish move. Additionally, this is the last buy opportunity SafeMoon price will present before a move to $0.00000311.
Investors can expect a retracement after hitting $0.00000311, but in some cases, SafeMoon price might extend its ascent and tag $0.00000330 or the next resistance barrier at $0.00000345. This climb would constitute a 45% gain from the current position.
SAFEMOON/USDT 1-day chart
Otherwise, SafeMoon price might retrace toward the $0.00000198 support level before triggering a bullish move.
If the selling pressure persists, SafeMoon price could also retest the subsequent demand floor at $0.00000175 while keeping the bullish thesis intact. However, any move below this barrier will open the possibility of putting an end to the optimistic outlook.
SafeMoon price prepares to escape from prevailing downtrend with 60% ascent
- SafeMoon price has found it challenging to break out of the governing downtrend in the past five months.
- SAFEMOON needs to climb toward $0.00000288 to achieve a 60% rally.
- However, dropping below $0.00000173 could spell trouble for the bulls.
SafeMoon price has been locked in a downtrend since May 23, with little ambition to reverse the period of sluggish performance. While the altcoin is trapped in the prevailing consolidation chart pattern, an escape above $0.00000288 could spell trouble for the bears.
SafeMoon price prepares to battle resistance
SafeMoon price has been trapped within a descending parallel channel on the daily chart since May 23, with little luck of breaking free prevailing chart pattern. However, the altcoin may be anticipating a move to the upside as a rounding bottom pattern has emerged.
SafeMoon price has formed a saucer pattern on the daily chart, suggesting that SAFEMOON may soon see its downtrend retreat. The rounding bottom pattern indicates a 60% ascent from the neckline, as the bulls eye $0.00000465.
However, SAFEMOON has a few hurdles to tackle before the optimistic forecast is in the offing. The first obstacle for SafeMoon price is at the 50% Fibonacci retracement level at $0.00000252, then at the upper boundary of the parallel channel at $0.00000279.
The neckline of the saucer at the 61.8% Fibonacci retracement level at $0.00000288 would act as the following hurdle for SafeMoon price. Investors should note that only a slice above this level accompanied by a spike in buying pressure could put the bullish target on the radar.
SAFEMOON/USDT daily chart
Further resistances may appear at the 78.6% Fibonacci retracement level at $0.00000338, then at the 200-day Simple Moving Average (SMA) at $0.00000348, then at the August 28 high at $0.00000400.
If selling pressure increases, SafeMoon price would be able to discover support at the 21-day SMA at $0.00000193, before falling toward the 50-day SMA which coincides with the 23.6% Fibonacci retracement level at $0.00000173.
Should the bears take control and see SAFEMOON drop lower, the bullish outlook would be voided and the altcoin could plunge toward the middle boundary of the chart pattern at $0.00000124.