Connect with us

SafeMoon

SafeMoon price puts 32% crash on radar as bulls prepare for damage control

Published

on

  • SafeMoon price prepares for a 32% plunge after losing a crucial foothold.
  • The altcoin could be supported by the demand zone that extends from $0.00000135 to $0.00000146.
  • SAFEMOON bulls would need to aim for $0.00000186 to be out of danger.

SafeMoon price has slid below a crucial support level that could indicate that a steep decline is on the horizon. SAFEMOON could be heading for a 32% drop as the buyers continue to retreat, leaving the altcoin to slide lower.

SafeMoon bulls prepare to cut losses

SafeMoon price has formed a symmetrical triangle pattern on the 4-hour chart, which suggested that there was an equilibrium between buyers and sellers. 

However, the technical pattern that indicates indecision has broken out to favor the bears, as SAFEMOON slid below the lower boundary of the triangle at $0.00000166. 

The downside trend line of the governing chart pattern acted as support for SafeMoon price since September 14. The altcoin falling below the line of defense has provided investors a hint as to where SAFEMOON is headed next.

Advertisement

The prevailing technical pattern suggests that SafeMoon price is at risk of a 32% fall, targeting $0.00000112. Before SAFEMOON sellers attempt to reach the pessimistic target, it has a few lines of defense that could save the altcoin from the bearish outlook.

SafeMoon price would discover the first area of support at the 23.6% Fibonacci retracement level at $0.00000161. Should the altcoin face further selling pressure, SAFEMOON would find an additional foothold at the demand zone that extends from $0.00000135 to $0.00000146. 

If the bears continue to take control, SafeMoon price would eventually witness the bearish thesis emerge, and SAFEMOON may tag the downside target given by the technical pattern at $0.00000116, should the 32% drop materialize.

Advertisement
SAFEMOON crash

SAFEMOON/USDT 4-hour chart

The first line of resistance appears to be at the lower boundary of the triangle at $0.00000166. Should the bulls flip this level into support, the following target for the buyers is at the 50 four-hour Simple Moving Average (SMA) at $0.00000178. 

For the SAFEMOON bulls to reverse the period of underperformance, the buyers should aim to slice above the upper boundary of the symmetrical triangle at $0.00000187, which could take SafeMoon price out of the woods in the near term. 

The following hurdle for SafeMoon price would emerge at the 100 four-hour SMA at $0.00000194, then at the 38.2% Fibonacci retracement level at $0.00000197.

Advertisement

News Source

SafeMoon

SafeMoon bulls look for a breakout to $0.0000024

Published

on

  • 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.

Advertisement

News Source

Advertisement
Continue Reading

SafeMoon

SafeMoon price needs to advance 35% to avoid bearish fate

Published

on

  • 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.

Advertisement

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

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.

Advertisement

News Source

Continue Reading

SafeMoon

Whale buys $225,000 worth of SafeMoon as analyst turn bullish

Published

on

  • A new Safemoon wallet update was pushed out last week; the development team has upgraded the wallet with new features. 
  • Safemoon wallet’s beta testers consider it easy to use for beginners; recently, the BNB direct buy feature was added. 
  • Within 24 hours of its launch, the Safemoon wallet ranked in the top 25 applications on the AppStore. 
  • The dominance of large wallet investors is less than 15%, which implies Safemoon is accessible to retail traders, unlike DOGE or SHIB. 

Safemoon faced severe criticism from traders in the community before the launch of its wallet application. Beta testers have reviewed the wallet and have a bullish outlook on SafeMoon. 

Whales are bullish on SafeMoon with the launch of its wallet

The community-driven DeFi token SafeMoon has recovered from the drop in price that followed the unsuccessful triple launch. Traders expected SafeMoon to deliver a wallet alongside iOS and Android compatible applications.

SafeMoon failed to deliver and revealed that it hit a technical snag in launching all three products at once. Since then, SafeMoon has worked on its wallet app and launched it for beta testers. 

The wallet’s beta program participants have shared positive reviews, testing features like direct buy for Binance coin. A new update was published by the development team less than a week ago. 

Advertisement

John Karony, CEO of SafeMoon, tweeted:

Within 24 hours of the application’s launch, it ranked within the top 25 on the application store. 

Advertisement

Further, as of October 13, SafeMoon’s top 50 whale wallet dominance dropped below 15%. Top 10 and top 25 wallet’s dominance has dropped below 20%. 

Altcoins that rank in the top 30 by market capitalization have high whale dominance; SafeMoon is distributed evenly across wallet addresses with different balances and implies less control by whales. 

A large wallet investor bought $225,000 worth of SafeMoon, and analysts have turned bullish on the altcoin. Despite a nearly 95% drop from its peak, SafeMoon is posting gains and recovering from the “unsuccessful triple launch” event. 

Advertisement

News Source

Continue Reading