- SafeMoon price will likely continue its 46% descent as it approaches a crucial support floor.
- A dip into the high probability reversal zone, extending from $0.00000215 to $0.00000302 could trigger a massive explosive uptrend.
- A breakdown of the $0.00000109 support level will invalidate the bullish thesis for SAFEMOON.
SafeMoon price is taking a break from its steady uptrend as it retraces, breaking crucial support barriers. That said, it is not beyond revival. In fact, SAFEMOON is approaching a high probability reversal zone that is likely to end the downtrend and kick-start a new rally.
SafeMoon price to catapult higher
SafeMoon price has dropped roughly 47% since October 29 to where it currently trades at $0.00000349. The downswing comes after SAFEMOON rallied by a whopping 461% between September 28 and October 29.
The altcoin suffered a fatal downswing after its all-time high in May, but the recent run-up is just the beginning. As mentioned in previous articles, SafeMoon price is coming full circle and aims to retest the $0.00000915 resistance barrier.
So far, it has only tagged the midpoint of this range and is currently undergoing a brief correction. However, investors can expect SafeMoon price to continue its uptrend due to two reasons:
- SAFEMOON is approaching a high probability reversal zone.
- The Relative Strength Index (RSI) is close to hitting the oversold zone.
The high probability reversal zone extends from $0.00000215 to $0.00000302. A dip into this area will put SAFEMOON price at a great discount and trigger a buying frenzy among sidelined investors. Consequently, catalyzing an up move that shatters the $0.00000377, $0.00000470 and $0.00000558 resistance barriers before it makes a run at the October 29 swing high at $0.00000615.
Similar price action occurred in May when SafeMoon price dived into a high probability reversal zone, extending from $0.00000239 to $0.00000388. The downswing was succeeded by a sudden spike in buying pressure that propelled the altcoin by 62%.
While the initial reason has to do more with the SafeMoon price action, the second reason is a result of the recent downswing.
The 47% price decline seen since October 29 caused the RSI to dip from largely overbought at 94 to where it currently hovers at 42. Still, the RSI seems to have more room to go down until it hits oversold territory, which suggests SafeMoon price can also continue to decline.
Using the RSI as a standalone indicator can be inaccurate but coupled with the high probability reversal zone, it indicates that SafeMoon price is in for a treat.
As for the upside targets, $0.00000615 is an initial target for SafeMoon price, but the altcoin is likely to breach through this zone and reach for the crucial $0.00000774 or $0.00000915 barriers. This move would constitute 200% and 250% run-ups from the 70.5% Fibonacci retracement level at $0.00000259.
SAFEMOON/USDT 1-day chart
On the other hand, if Safemoon price fails to bounce off the high probability reversal zone, ranging from $0.00000215 to $0.00000302, it will signal a dearth of buying pressure. In such a case, SAFEMOOON price will revisit the range low at $0.00000109. A swing low below this level will invalidate the bullish thesis and propel SAFEMOON to all-time lows.
SafeMoon ready to bounce after 30% bearish fakeout
- 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.
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.
SafeMoon price gears up for upcoming V2 launch with drop in circulating token supply
- 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).
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.
SafeMoon V2 countdown begins with prices ready to explode
- 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.
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.
Still here though, what if I create uses for it externally 🤷♀️ now is a great time to be excited— Thomas (@papacthulu) November 24, 2021
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.
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).