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SafeMoon price looks ready to double as buyers show strength

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  • SafeMoon price has been on a retracement after tripling in the second half of October. 
  • The correction has found stable support floors, suggesting that another 104% upswing is on its way.
  • A breakdown of the $0.00000310 foothold will invalidate the bullish thesis for SAFEMOON.

SafeMoon price looks ready to kick-start another upswing after five days of correction. SAFEMOON is currently hovering between two crucial barriers, and an upswing is likely to begin here.

SafeMoon price ready to launch

SafeMoon price rose roughly 240% between October 20 and October 29, pushing SAFEMOON from $0.00000185 to $0.00000615. While this rally was impressive, investors continued to book profit for the next five days, allowing SAFEMOON to shed 34% of its market value.

Currently, SafeMoon price is hovering between $0.00000377 and $0.00000470 and is the best place for the altcoin to kick-start an upswing. The resulting bull rally should, however, slice through the $0.00000558 resistance level to make a 65% run at the first target at $0.00000774. Breaching this barrier will likely push SafeMoon price to the next one at $0.00000951, constituting a 100% climb from $0.00000453,

In some cases, SafeMoon price could also extend this leg-up to the all-time high at $0.00000966.

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SAFEMOON/USDT 1-day

SAFEMOON/USDT 1-day

On the other hand, if SafeMoon price fails to hold above the $0.00000377 support floor, it is likely to revisit the next barrier at $0.00000310. If the sellers push SAFEMOON to produce a daily close below it, it will invalidate the bullish thesis.

This move could also trigger a 50% descent to the next support level at $0.00000151, where the altcoin will try to make another comeback. However, this is unlikely as SafeMoon price is undoing its downtrend.

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SafeMoon ready to bounce after 30% bearish fakeout

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  • SafeMoon price collapsed nearly 30% on the Tuesday trading session.
  • Bears are unable to break the supportive structure in SafeMoon’s oscillators.
  • Sell-off is likely a stop-loss run and a fakeout.

SafeMoon price action is nearly singular in its current behavior and structure. Very few, if any, significant altcoins have displayed the kind of price behavior SafeMoon has.

SafeMoon price sell-off is likely a fakeout, massive buying opportunity ahead

SafeMoon price faced a strong sell-off during the early part of the Tuesday trading session, collapsing nearly 30% from the daily open of $0.0000030 to $0.0000023. However, that sell-off was met with immediate and significant support – rallying 21% from the 0.0000023 low to $0.0000028.

SafeMoon has moved nearly 70% below the all-time high of $0.0000070 that was achieved on October 29th. Additionally, the move today represents the second-largest percentage drop of the entire downswing. From a time cycle and price action perspective, SafeMoon price is primed for one heck of a massive rally.

The 2021 Volume Point Of Control and the daily Tenkan-Sen both sit at $0.0000027. If SafeMoon price can close its daily candlestick at or slightly above that level, then moving to the Kijun-Sen at $0.0000036 is all but inevitable. That would represent a 35% spike.

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SafeMoon/USDT Daily Ichimoku Chart

SafeMoon’s oscillators, shockingly, have not transitioned into bear market territory despite the nearly 70% drop in November and the current 30% drop today. Instead, the Relative Strength Index remains in a bull market territory with the final oversold level of 40 holding support. Likewise, the Composite Index remains above both of its moving averages.

While downside risks remain extremely low at these present value areas, they do exist. Any daily close below $0.0000023 would likely trigger a capitulation move that would push SafeMoon towards the all-time low of $0.0000010.

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SafeMoon price gears up for upcoming V2 launch with drop in circulating token supply

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  • Ahead of the SafeMoon V2 upgrade, there is a drop in the supply of circulating tokens. 
  • SafeMoon price hit an all-time high seven months ago; since then, the token has plunged nearly 75%. 
  • The petition to rename Jazz arena to “SafeMoon arena” gathered 4,878 signatures from the community. 
  • Analysts note a bullish uptick in the RSI and target $0.000004 as the first target after a month of downtrend in SafeMoon price. 

Despite being stuck in a downtrend, analysts predict a bullish breakout in the token. The shrinking supply of SafeMoon coupled with the upcoming V2 upgrade is likely to trigger a rally in the token. 

SafeMoon price prepares for announcement of V2 upgrade launch date

The supply of SafeMoon has dropped to 571,000,000,000, and the shrinking supply is expected to drive the token’s price higher. Historically, a drop in supply or implementation of burn policy fuels a bullish narrative in the token’s price. 

SafeMoon hit a new all-time high several months ago; the token’s price has plunged nearly 75% since then. Holders are awaiting the announcement of the V2 upgrade launch date. SafeMoon price has posted 16% losses over the past week and nearly 20% over the past two weeks. 

SafeMoon community added 4,878 signatures on a petition to rename Jazz Arena in Salt Lake City, Utah, to “SafeMoon Arena.” SafeMoon plans to make Utah its future base of operations. Therefore SafeMoon HQ will be located in the Vivint Arena (Jazz Arena). 

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Cryptocurrency analysts at the YouTube channel “SafeMoon Army” have noted a bullish uptick in RSI. Analysts consider $0.000004 as the first target after nearly a month of downtrend in the token’s price. 

The analyst has identified $0.00000271 as the base, and with the rise in interest from buyers, RSI is rising, providing support for a rebound in SafeMoon price. 

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SafeMoon V2 countdown begins with prices ready to explode

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  • John Karony, SafeMoon CEO shared an update on new developments in the project, announcing the transition to a new team. 
  • Thomas Smith, SafeMoon’s Chief Blockchain Officer has been replaced with a new team as part of the company’s restructure and preparation for V2 launch.
  • The former Chief Blockchain Officer told David Gokhstein in a recent interview that he will make products that support SafeMoon from the outside. 

SafeMoon is going through restructuring ahead of the V2 launch. CEO John Karony shared details of the team’s progress and addition of new members to replace Thomas Smith. 

SafeMoon makes progress on V2 launch  

SafeMoon’s V2 upgrade will improve the security on the network. The upgraded contract brings utility features like reducing tax by 80% for ecommerce and wallet transfers. For SafeMoon users, the net value of their holdings will remain the same. 

John Karony, CEO of SafeMoon explained that the net holdings of users will be divided by a factor of 1000, and the overall value remains the same. 

Transferring SafeMoon between two wallets is currently taxed at 10%, a drop by 80% makes it 2%. Users can migrate from V1 to V2 in two clicks, and a small amount of BNB to cover the transition fees. 

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Interestingly, SafeMoon recently announced that Chief Blockchain Officer Thomas Smith is now being replaced by a team. Karony shared details of the transition and revealed that the V2 upgrade is imminent, the handover process has started. There is no news of delay due to the transition.

The team has started a countdown and the upgrade is currently going through the final checks.  

Thomas Smith told David Gokhstein of Gokhstein Media that he will support SafeMoon externally. 

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Earlier this month SafeMoon was recognized as the crypto community of the year. Analysts are bullish on SafeMoon based on the recent price trend. 

SafeMoon ranks in one of the highest price gainers over the past 24 hours. 

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Adam Bergman, a cryptocurrency analyst at “The Adam Bergman Show” on YouTube is bullish on SafeMoon. Berg stresses on the role of centralized and regulated exchanges and SafeMoon’s roadmap and community in pushing the asset’s price higher. 

Bergman expects SafeMoon price to explode, similar to Binance Coin, Shiba Inu token and Crypto.com (CRO). 

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