- 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
Editors’ Picks
Is Altcoin Season here as Bitcoin reaches a new all-time high?
Bitcoin reaches a new all-time high of $98,384 on Thursday, with altcoins following the suit. Reports highlight that the recent surge in altcoins was fueled by the victory of crypto-friendly candidate Donal Trump in the US presidential election.
Shanghai court confirms legal recognition of crypto ownership
A Shanghai court has confirmed that owning digital assets, including Bitcoin, is legal under Chinese law. Judge Sun Jie of the Shanghai Songjiang People’s Court shared this opinion through the WeChat account of the Shanghai High People’s Court.
BTC hits an all-time high above $97,850, inches away from the $100K mark
Bitcoin hit a new all-time high of $97,852 on Thursday, and the technical outlook suggests a possible continuation of the rally to $100,000. BTC futures have surged past the $100,000 price mark on Deribit, and Lookonchain data shows whales are accumulating.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: New high of $100K or correction to $78K?
Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.
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.