- SafeMoon price is locked within a descending parallel channel as investors grow indecisive regarding the future of the token.
- The altcoin is saved by the lack of sell orders that have previously pushed prices lower.
- A break below $0.00000131 could spell trouble for the bulls.
SafeMoon price (SAFEMOON) appears to be indecisive as it oscillates within a price range. The altcoin’s price action has been uneventful as investors do not seem to have returned after interest in the token dwindled. Currently, the token is saved by a lack of selling pressure as little trading volume is recorded.
SafeMoon price on track to record new low
SafeMoon price is sealed within a descending parallel channel pattern on the 4-hour chart, as the token presents a lack of clear directional bias.
Although the altcoin has tagged the upper boundary of the technical pattern on October 4, SafeMoon price has still logged a lower high at $0.00000159. Currently, the uptrend is retreating, which opens up the possibility of SAFEMOON eyeing lower levels.
The token appears to be also trapped between the 61.8% and 78.6% Fibonacci retracement levels at $0.0000152 and $0.00000131, respectively. The former will act as immediate support for SAFEMOON. Should this level break, SafeMoon price could be headed for a 9% downswing toward the middle boundary of the parallel channel at $0.00000122.
Should selling pressure arise due to a lack of confidence in the token, SafeMoon price could first test the foothold of the September 28 low at $0.00000117, then at $0.00000103, the September 10 low.
Plunging below the aforementioned support levels may see SAFEMOON become more vulnerable to a 35% descent toward the lower boundary of the prevailing chart pattern at $0.00000084.
A further spike in sell orders may see SafeMoon price tag the 127.2% Fibonacci retracement level at $0.00000067 in the worst-case scenario.
SAFEMOON/USDT 4-hour chart
If buyers miraculously appear to incentivize SAFEMOON price to climb higher, the first obstacle would emerge at the 50 four-hour Simple Moving Average (SMA) at $0.00000142, then at the 20 four-hour SMA at $0.00000146.
Another hurdle may materialize at the 61.8% Fibonacci retracement level at $0.00000152, which sits near the 100 four-hour SMA. Lastly, the upper boundary of the parallel channel may also act as further resistance for SAFEMOON at $0.00000155.
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.