• Safemoon price action is a leader in how much it has lost from prior swing highs.
  • Regular bullish divergence is present between the price chart and a fundamental oscillator.
  • Strong buyer participation at $0.000001.

Safemoon price has lost over 71% of its value from the August 28th high. Although the broader cryptocurrency market has seen between 40% and 50% losses, Safemoon is a leader in both speed and amount of value that has been wiped out. However, there is some evidence that bounce may come.

Safemoon price action has buyers eyeing a move from $0.0000012 to $0.0000016

Safemoon price could surprise the cryptocurrency space by initiating a move higher. It has spent the last twelve consecutive trading days with closes below the Tenkan-Sen and finally saw a significant spike south to hit the $0.000001 exactly – a new all-time low. A large amount of resting limit buy orders were sitting at $0.000001, and the low very quickly got bought up. The critical level buyers need to overcome is the Tenkan-Sen.

If buyers can support Safemoon price above the Tenkan-Sen at $0.0000013, the oscillators may support a sustained move to $0.0000016. The Relative Strength Index is currently in bear market conditions but is relatively flat. However, the Composite Index shows higher lows while the candlestick chart shows lower lows – regular bullish divergence. Additionally, if the Composite Index crosses above the trendline, Safemoon price will likely have enough momentum to hit the target area.

SAFE/USDT Daily Ichimoku Chart

The bullish scenario is contingent on Safemoon first remaining above the Tenkan-Sen. Until that happens, bears remain in control and will continue to put selling pressure on Safemoon price. The bullish outlook will be invalidated if Safemoon price fails to close above the Tenkans-Sen or if it creates new all-time lows.


Like this article? Help us with some feedback by answering this survey:


Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Recommended content


Recommended Content

Editors’ Picks

Ripple's XRP set sights on $1.100 following renewed investor interest

Ripple's XRP set sights on $1.100 following renewed investor interest

Ripple's XRP rallied nearly 20% on Tuesday, defying the correction seen in Bitcoin and Ethereum as investors seem to be flocking toward the remittance-based token. 

More Ripple News
Dogecoin Price Prediction: Could DOGE ETF spark new all-time high after 130% rise?

Dogecoin Price Prediction: Could DOGE ETF spark new all-time high after 130% rise?

Dogecoin rose over 15% on Tuesday as traders anticipate a price move toward the $1 threshold following Bloomberg analyst Eric Balchunas's post regarding a DOGE exchange-traded fund.

More Dogecoin News
Hedera's HBAR rallies nearly 20% as Canary Capital files for HBAR ETF

Hedera's HBAR rallies nearly 20% as Canary Capital files for HBAR ETF

Hedera's HBAR is up nearly 20% on Tuesday as Canary Capital submitted an S-1 registration to the US Securities & Exchange Commission for an HBAR exchange-traded fund.

More Hedera News
Ethereum Price Forecast: ETH down despite hype from Beam Chain unveil

Ethereum Price Forecast: ETH down despite hype from Beam Chain unveil

Ethereum is down 1% on Tuesday despite developer Justin Drake proposing the Beam Chain, a new consensus layer that aims to ship a series of changes that will fast-track the Main chain's roadmap to faster block times and quantum resistance.

More Ethereum News
Bitcoin: Further upside likely after hitting new all-time high

Bitcoin: Further upside likely after hitting new all-time high

Bitcoin hit a fresh high of $76,849 on Thursday as crypto-friendly candidate Donald Trump won the US presidential election. Institutional demand returned with the highest single-day inflow on Thursday since the ETFs’ launch in January.

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP