- SafeMoon price continued its breakout from the falling wedge and reached its forecasted target at $0.00000182.
- Investors can expect SAFEMOON to consolidate before attempting to run for the buy-stop liquidity resting above the $0.00000239 resistance level.
- A lower low below $0.00000140 will invalidate the bullish thesis, potentially triggering further descent.
SafeMoon price was traversing a falling wedge pattern since September 6 but broke out of it on September 29. Although the run-up from this point pushed it very close to its theoretical targets, SAFEMOON has another leg-up under its sleeve.
SafeMoon price looks to continue its climb
SafeMoon price set up three lower highs and lower lows since September 6. Drawing trend lines connecting these swing points results in the formation of a falling wedge. This technical formation has a bullish bias and forecasts a 40% upswing to $.00000181, determined by measuring the distance between the first swing high and swing low and adding it to the breakout point.
SafeMoon price broke out on September 29 and came very close to hitting the intended target. Regardless, SAFEMOON is consolidating between $0.00000181 and $0.00000140, anticipating another leg-up.
While this is bullish, SafeMoon price needs to hold above $0.00000140 for the optimistic outlook to come to light. Doing so will allow the altcoin to shatter $0.000000181 and make a run at the buy-stop liquidity resting above the September 4 swing high at $0.00000240. This climb would constitute a 54% ascent from its current position.
SAFEMOON/USDT 1-day chart
On the other hand, if SafeMoon price slices through the $0.00000140, it will create a lower low below the October 4 swing low, shifting the probability toward the bears. Such a move will invalidate the bullish thesis and could trigger a further sell-off to $0.00000130 or $0.00000110.
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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Celebrity meme coins controversy continues amid Pump.fun revenue dominance
Pump.fun outperformed the Ethereum blockchain on Tuesday after raking in $1.99 million. Following this achievement, a meme coin based on actress Sydney Sweeney was the subject of controversy after its developers dumped their bags on investors.
PEPE's on-chain metrics indicate potential rally after weeks of silence
PEPE has struggled to see any significant price move after reaching an all-time high in May. Increased adoption rate and low MVRV ratio indicate a bullish run may be on the horizon. A single PEPE outflow from Binance worth $14.7 million gives credence to signs of bullish expectation.
Ethereum has failed to overcome key resistance despite bullish sentiment surrounding ETH ETF
Ethereum (ETH) is down more than 1.4% on Tuesday following another ETH sale from the Ethereum Foundation. Meanwhile, crypto exchange Gemini's recent report reveals that ETH ETF could see about $5 billion in net inflows within six months of launch.
Crypto community blasts Polkadot following report of treasury spending
Polkadot reports $87 million of treasury spending during H1. Crypto community members expressed harsh feelings toward the DOT team's high spending. DOT is up more than 2% in the past 24 hours but risks correction following the report.
Bitcoin: BTC price correction could end in July, according to seasonal data
Bitcoin (BTC) price appears poised for a decline this week, influenced by slight outflows in US spot ETFs, selling activity among BTC miners, and a combined transfer of 4,690.28 BTC to centralized exchanges by the US and German governments.