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SafeMoon Price Surges 20% Amid Wallet Release

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  • SafeMoon price has increased by 20%.
  • This surge in price came after SafeMoon developers launched a beta version of their wallet on the Google Play store.
  • SafeMoon now ranks among the top 100 cryptos in terms of market cap.

SafeMoon price surged by 20% according to a report. Moreover, the SafeMoon price surge came in a few days after its developers announced the release of their beta version of SafeMoon’s wallet on the Google Play store.

To be specific, SafeMoon price successfully achieved the 20% milestone within a 24-hour duration. With this said, SafeMoon is now ranked among the top 100 cryptocurrencies in terms of market capitalization.

Briefly, SafeMoon is a decentralized token on top of the Binance Smart Chain. Honestly, SafeMoon is neither a governance token like COMP and UNI that works to unlock voting rights on a certain protocol or a utility token. To describe SafeMoon in a more simple term, it is similar to a meme token Shiba Inu.

Cycling back to the news, SafeMoon price is currently trading at $0.00000179 with a 24h trading volume of $12,322,239 at the time of writing. Also, it has a threshold value of $1,029,102,532 as of its market capitalization according to Coingecko.

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Furthermore, the crypto community believes that SafeMoon could do better in the upcoming days than what is presently reflecting.

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SafeMoon price prepares to escape from prevailing downtrend with 60% ascent

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  • 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. 

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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.

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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. 

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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. 

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SafeMoon primed for bullish breakout that extends to $0.000003

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  • SafeMoon price spiked as much as 37% during the week.
  • Buyers are currently testing the final Ichimoku resistance at Senkou Span B.
  • Strong commitment from buyers is required to push SafeMoon above the Cloud.

SafeMoon price is one the best performers of the week in the cryptocurrency space. It has gained as much as 113% from the beginning of October. Even though SafeMoon found intense selling pressure at $0.0000026, it is still up over 95% for the month.

SafeMoon price temporarily halted against the top of the Cloud and a critical Fibonacci expansion level

SafeMoon price has made several attempts to close above Senkou Span B and the 100% Fibonacci expansion, both at $0.0000024. Thus, a Friday close just below $0.0000024 could be a boon for bulls or bears as liquidity dries up and volatility increases during the weekend.

Despite the strong rally that SafeMoon price has experienced, it is still massively underperforming the broader cryptocurrency market. While many cryptocurrencies hit new all-time highs and continue to form new all-time highs, SafeMoon is just coming off of making new all-time lows. If momentum remains strong, then bulls may be able to push SafeMoon above the Cloud and to the profit target level at the 161.8% Fibonacci expansion at $0.0000030.

SafeMoon/USDT Daily Ichimoku Chart

While the downside risk is more limited, SafeMoon is at the mercy of Bitcoin’s price action. If Bitcoin experiences some profit-taking and additional selling pressure on Saturday and Sunday, SafeMoon will likely face similar weakness.

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The first support level that SafeMoon price will test is the 61.8% Fibonacci expansion at $0.0000020. Below that is the Kijun-Sen at $0.0000018. Any close below the Kijun-Sen and the Cloud will probably push SafeMoon to its all-time low at $0.0000010.

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SafeMoon bulls look for a breakout to $0.0000024

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  • SafeMoon price is up as much as 13% on the Tuesday trade session.
  • A breakout above Senkou Span A positions SafeMoon to test $0.0000024.
  • Bitcoin futures ETF approval could weigh negatively on SafeMoon.

SafeMoon price is one of the best performers of the day, with moves as high as 13% above the open. While the breakout above $0.0000019 is bullish, momentum must be maintained to push SafeMoon above the Cloud to create clear bullish conditions.

SafeMoon price breaks out above $0.0000019; the next test is $0.000024

SafeMoon price action has one more resistance zone ahead: $0.0000024. The top of the Cloud (Senkou Span B) is the most substantial level in the Ichimoku Kinko Hyo system. It represents the most challenging level of resistance on the chart. The question now is this: does SafeMoon have enough momentum to breakout above $0.0000024? According to its oscillators, yes.

The Relative Strength Index has been in bear market territory since the beginning of the SafeMoon price chart history (May 2021 on this chart data). However, there are strong signs that the first conversion from a bear market to a bull market is coming. The Composite Index is about to cross above the slow-moving average, just as the Relative Strength Index is about to cross above the final oversold level at 65. This could generate substantial buying pressure and push SafeMoon price all the way to $0.0000030.

SafeMoon/USDT Daily Ichimoku Chart

However, SafeMoon is beholden to Bitcoin’s price action. The current bullish outlook for Safemoon price could easily be invalidated if Bitcoin were to experience a broad sell-off due to the Bitcoin futures ETF hype. Bearish sentiment for SafeMoon will return if there is a daily close of 0.0000015 or below.

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