SafeMoon is in good shape for further recovery with 40% of positive returns
|- SafeMoon price action has not seen investors flee its price action, with only a slight 3% loss over the weekend.
- SafeMoon bulls are set to break above the 23.6% Fibonacci level, above $0.0012236 and look for more upside potential.
- With demand high for cryptocurrencies, expect to see a return to $0.0015000 in the coming days.
SafeMoon (SAFEMOON) has been very close to breaking the $0.0010000 handle, but investors have stepped in at the last moment and pulled SafeMoon up around 13% already. There is more room for the upside as demand for cryptocurrencies enlarges due to the Russian market looking for alternative forms of payment that the West does not sanction. This will trigger more demand on the buy-side and could see SafeMoon price action stretch towards $0.0016016, holding 40% of positive pnl.
SafeMoon price could cover a lot of ground to the upside
SafeMoon price action did not see massive outflows over the weekend as the West introduced suffocating financial sanctions on Russia. Markets are now also starting to look beyond the decision to impose sanctions as the news has been fully digested around the globe. Although most risk assets are trading in the red, most of them are far away from the lows they had at the beginning of the session during the ASIA PAC time zone.
The same is true for SafeMoon as it looks to touch $0.0012236 possibly today, and could even pop above this level – the 23.6% Fibonacci level. A daily close above would undoubtedly deliver a solid buy-recommendation to the market as it will show that bulls are dictating price action. With the Relative Strength Index (RSI) still in oversold, it is about time a turnaround was due and may see investors buy back into price action.
SAFEMOON/USD daily chart
To the upside, the 200-day SMA at $0.0014698 or the significant historical level at $0.00161016 stand as possible targets but there is a chance bulls could get cut short if peace talks fail later today. Putin has set his nuclear weapon force on high alert, bringing a catastrophic shock through markets, and a dip back to $0.0010000 would be the logical outcome.
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