SafeMoon price stuck in a downward channel toward $0.00000050
|- SafeMoon price is caught in a consolidation squeeze around $0.00000185.
- A break lower is announced with a squeeze from sellers against a short-term trend line.
- A test of the lower band in the trend channel is the only support for SafeMoon before touching $0.00000050.
SafeMoon (SAFEMOON) has been caught in a downward trend channel since May and has not been able to break out of it since. Sellers look to have the upper hand as every attempt to break the upside is met with heavy selling force. An intermediary consolidation looks to send SAFEMOON price action down again.
SafeMoon price trend channel looks to dictate law in its price action to the downside
SafeMoon price action has been getting squeezed from both sides for a few days. There is a short-term descending red trend line from above, and from the upside the green ascending trend line is going the same for buyers. Prices are getting squeezed in from both sides. It does not look too good for buyers as the price is pressed toward the downside. The additional factor in that drive is that the 5-day, 10-day and 30-day Simple Moving Average (SMA) limits any upside. Granted, there was a break upwards on September 13, but that was short-lived, and SAFEMOON retreated quickly back below the 30-day SMA.
SAFEMOON/USD daily chart
SAFEMOON looks ready for the break lower today or tomorrow. From there on, it will look for support from the low end of the downward trend channel. If sellers can push price action even below the trend channel, expect $0.00000050 as the ultimate low to be tested, as this is the lowest price ever in SafeMoon.
Should SafeMoon price action fall in favor of the buyers, expect another attempt to break above the 30-day SMA and test the upper band in the descending trend channel. Expect that to be around $0.00000300.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.