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SafeMoon price needs to advance 35% to avoid bearish fate

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  • 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.

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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.

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Why a SafeMoon price break above $0.00000208 is vital to trigger a major recovery

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  • SafeMoon price is showing signs of recovery as it continues to record higher lows.
  • The governing technical pattern projects a bullish target of a 55% ascent.
  • Only a break above $0.00000208 could see SAFEMOON fulfill its optimistic outlook. 

SafeMoon price has dropped to a new low following the Bitmart hack that witnessed over $200 million stolen from the crypto exchange. However, SAFEMOON appears to be gearing up for a massive move toward the upside as it nears a critical resistance level.

SafeMoon price eyes 55% ascent

SafeMoon price has formed a symmetrical triangle pattern on the 4-hour chart, as the token creates higher lows and lower highs. Following the local bottom reached on December 5 at $0.00000103, SAFEMOON is preparing for a major recovery, targeting a 55% upswing toward $0.00000321.

In order for the bullish outlook to be validated, SafeMoon price would need to slice above the upper boundary of the prevailing chart pattern at $0.00000208, coinciding with the 38.2% Fibonacci retracement level. 

Investors should note that additional resistance may emerge for SafeMoon price at the 50 four-hour Simple Moving Average (SMA) at $0.00000241 corresponding to the 50% retracement level. 

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SafeMoon price would also face an obstacle at the 100 four-hour SMA at $0.00000274, which intersects with the 61.8% Fibonacci retracement level. Should buying pressure continue to increase, SAFEMOON may eventually reach its optimistic target at $0.00000321, coinciding with the 200 four-hour SMA.

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SAFEMOON/USDT 4-hour chart

However, if a spike in sell orders occurs, SafeMoon price may discover immediate support at the 21 four-hour SMA at $0.00000185. An additional line of defense will emerge at the lower boundary of the symmetrical triangle at $0.00000176.

If SafeMoon price slides below the aforementioned support level, this could trigger a sell-off that could see SAFEMOON at risk of sliding lower. However, the token would find additional foothold at the October 8 low at $0.00000159, then at the September 9 low at $0.00000103.

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SafeMoon presents massive buying opportunity before 80% breakout

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  • SafeMoon price was obliterated during Saturday’s flash crash.
  • New-all time lows halted further downside momentum.
  • Enormous Ichimoku and price gaps have created fantastic buying opportunities.

SafeMoon price, one of the most outstanding performers of 2021, is now one of the biggest pump and dump examples of 2021. After rising nearly 600% between September 29th and October 29th, SafeMoon crashed more than 88% to create a new all-time low on December 4th

SafeMoon price trade setup is the definition of low risk, high reward

SafeMoon price has a fantastic trade setup on its daily chart. The hypothetical long entry is a buy stop order between $0.0000010 and $0.0000014, with a stop-loss order at $0.00000090 and a profit target at $0.0000022. The projected profit target is the daily Kijun-Sen, but some conservative traders would likely consider the Tenkan-Sen at $0.0000020 as a more appropriate exit to protect profit.

The positive expectancy ratio of the hypothetical long trade is increased due to SafeMoon’s oscillators. The Composite Index is trading at all-time lows, indicating a likely market bottom. That market bottom is probably confirmed by the Relative Strength Index finding support between the two oversold levels in a bear market, 30 and 20.

It is very likely that, due to the massive sell-off on Saturday, many current SafeMoon bulls and future buyers will wait to see if there is any further downside momentum. A short period of consolidation near the $0.0000010 value area would be perfectly appropriate and expected.

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SafeMoon/USDT Daily Ichimoku Chart

The hypothetical long entry will be invalid if SafeMoon price makes a new low near the $0.00000080 price levels. If that occurs, any further speculators could likely abandon SafeMoon in the long term.

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SafeMoon simultaneously hit with flash-crash and BitMart hack, new all-time lows reached

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  • SafeMoon price made new all-time lows.
  • Cryptocurrency exchange BitMart hacked with an estimated $200 million in crypto stolen.
  • Low risk, high reward trade setup – but trust is now an issue.

SafeMoon price action is, perhaps, the saddest and least safe story of any altcoin presently traded. Unfortunately, a combination of horrible circumstances has brought SafeMoon close to worthless valuations.

SafeMoon trades below $0.00001, punishing hodlers and bulls with new all-time lows

SafeMoon was one of the glowing success stories of the last couple of months. It may be hard to forget, but SafeMoon pushed a new all-time low (at the time) on September 27th to $0.000001 and then rallied through October 29th for a 593% gain to $0.000007. Then, from October 29th to December 4th, SafeMoon capitulated over 88% to a new all-time low at $0.0000009.

If the Saturday flash-crash wasn’t enough to generate significant selling pressure, insult was added to injury with the news of the BitMart hack. According to PeckShield Inc., losses were estimated at $200 million with SafeMoon, Binance Coin, and Floki Inu among the crypto taken via a hot wallet weakness between Binance’s Smart Chain network and Ethereum.

However, this may create a trading opportunity that could yield some significant gains. SafeMoon maintains a large fan base, and retail speculators adore SafeMoon as a favored altcoin. Already, a substantial number of speculators have piled in on SafeMoon at the new all-time lows, rallying SafeMoon over 54% from the all-time lows. The daily Tenkan-Sen at $0.000002 is where SafeMoon price will likely face its first resistance test.

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SafeMoon/USDT Daily Ichimoku Chart

Traders should be cautious of concerns over SafeMoon’s ability to maintain a consistent value area and what kind of an impact, if any, the stolen SafeMoon will have on its current price.

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