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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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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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