- SafeMoon price action has been muted over the past few months.
- Traction has been momentary as the altcoin reached a swing high of $0.00000401.
- However, SafeMoon was unable to break above the technical pattern and could now be headed for a 40% drop.
SafeMoon price continues to trend sideways as it is sealed in a consolidation pattern, with little hope of moving higher. SAFEMOON could be headed for a 40% drop as buyers are nowhere to be found.
SafeMoon price is going nowhere
SafeMoon price action has been uneventful as it continues to move within a descending parallel channel pattern on the daily chart. SAFEMOON appears to have lost momentum as there is little chance for the altcoin to bounce back.
In fact, SafeMoon price could be awaiting a steep drop, as trading volume has diminished, which means investors are uninterested in SAFEMOON.
The bears could aim for a 41% plunge to $0.00000113, as this level acts as the next significant level of support for SafeMoon price.
Further selling pressure could even push SAFEMOON lower to tag the April 10 low at $0.00000065. Only an astonishing turn of events that incentivizes an extended move to the downside could see SafeMoon price hitting the lower boundary of the parallel channel at $0.00000048.
Should the bulls aim for a recovery, SafeMoon price is faced with an immediate obstacle at the middle boundary of the governing technical pattern at $0.00000205.
The following hurdle for SafeMoon price is at the 20-day and 50-day Simple Moving Averages (SMAs) that coincide at $0.00000231. Only a significant push to the upside accompanied by an uptick in buying pressure would see SAFEMOON attempt to tag the 100-day SMA at $0.00000281.
Should the bulls aim for bigger aspirations, SafeMoon price could reach the topside trend line of the parallel channel, which sits near the 23.6% Fibonacci retracement level at $0.00000360.
Given the lackluster performance of SafeMoon price over the past few months, higher levels are not expected at the moment. In fact, SAFEMOON will most likely continue trending within the prevailing chart pattern.
SafeMoon primed for bullish breakout that extends to $0.000003
- 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.
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.
SafeMoon bulls look for a breakout to $0.0000024
- 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.
SafeMoon price needs to advance 35% to avoid bearish fate
- SafeMoon price has been on a slow but steady uptrend since September 29.
- A bearish divergence looms on SAFEMOON, hinting at bearish things to come.
- The grim outlook can be avoided if buyers manage to produce a swing high at $0.00000239.
SafeMoon price is in a tough spot despite its two-week uptrend. While a bearish outlook is staring at SAFEMOON, it can be sidestepped if the bulls push the altcoin higher.
SafeMoon price at inflection point
SafeMoon price rose roughly 80% to where it currently stands, $0.00000179. This run-up resulted from the breakout from a rising wedge pattern that formed between September 5 and September 28.
Now, SafeMoon price has produced a lower high with respect to the swing point on September 5. The Relative Strength Index (RSI), however, has formed a higher high within the same period. This fork between the price and the RSI is called a bearish divergence.
Often, this setup leads to a correction. Therefore, SafeMoon price is, generally speaking, up for a retracement. However, investors need to note that if the bulls manage to propel SAFEMOON up by more than 35% and produce a decisive close above $0.00000239, it will create a higher high, eliminating the short-term bearish outlook.
Therefore, SafeMoon price has to produce a swing point higher than $0.00000239 to escape the pessimistic fate. If the buyers fail to do so, SafeMoon price will likely retrace 27% to the immediate support level at $0.00000142. Here, SAFEMOON can give the uptrend another try.
SAFEMOON/USDT 1-day chart
On the other hand, if SafeMoon price breaches the $0.00000142 support barrier, it will pull back 22% to the last line of defense at $0.00000109 or the September 28 swing low.
A decisive close below this barrier will invalidate the bullish thesis and trigger a downswing to $0.00000612.