• SafeMoon price could continue to retrace following last week’s tremendous rally of over 200%.
  • The token has printed a bullish continuation pattern, suggesting a 35% climb.
  • If SAFEMOON manages to overcome the topside trend line of the technical pattern that acts as resistance, this will put the optimistic target on the radar.

SafeMoon price appears to be consolidating following its 230% rise in the past week, reaching a swing high at $0.00000700 on October 29. SAFEMOON could continue to move sideways as the bulls catch their breath after the explosive uptrend. 

SafeMoon price shows optimism following consolidation

SafeMoon price has formed a falling wedge pattern on the 4-hour chart. SAFEMOON is likely to move sideways between clearly defined technical levels within the chart pattern until the bulls overcome the upper boundary of the technical pattern, acting as resistance against the buyers.

The falling wedge pattern suggests a bullish outlook for SafeMoon price, with a target of a 35% climb. Only if the buyers overcome the topside trend line of the chart pattern at $0.00000497 will SAFEMOON reach the optimistic target. 

However, investors should note that the token is nowhere near the aforementioned resistance line. Therefore, SafeMoon price could continue moving sideways.

Until the buyers stay committed to pushing SafeMoon price higher, the token would face resistance at the October 28 high at $0.00000430. 

The next obstacle for SAFEMOON is at the 50 four-hour Simple Moving Average (SMA) at $0.00000461. Additional hurdles may appear at the November 2 and November 1 high, at $0.00000518 and $0.00000550, respectively, before SafeMoon price reaches its bullish target at $0.00000573, coinciding with the 78.6% Fibonacci retracement level. This would be a 35% ascent.

SAFEMOON

SAFEMOON/USDT 4-hour chart

However, if SafeMoon price is overpowered by resistance and sees a rise in selling pressure, it would discover immediate support at the 50% Fibonacci retracement level at $0.00000400. The following line of defense will emerge at the lower boundary of the falling wedge pattern at $0.00000382, then at the 100 four-hour SMA at $0.00000342 before dropping lower to tag the 38.2% Fibonacci retracement level at $0.00000329.

Although lower targets are not expected, a massive spike in sell orders could push SafeMoon price toward the 200 four-hour SMA at $0.00000255, erasing most of last week’s gains. 

 


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

Litecoin Price Prediction: LTC tries to retake $100 resistance as miners halt sell-off

Litecoin Price Prediction: LTC tries to retake $100 resistance as miners halt sell-off

Litecoin price grazed 105 mark on Monday, rebounding 22% from the one-month low of $87 recorded during last week’s market crash. On-chain data shows sell pressure among LTC miners has subsided. Is the bottom in?  

More Litecoin News
Bitcoin fails to recover as Metaplanet buys the dip

Bitcoin fails to recover as Metaplanet buys the dip

Bitcoin price struggles around $95,000 after erasing gains from Friday’s relief rally over the weekend. Bitcoin’s weekly price chart posts the first major decline since President-elect Donald Trump’s win in November.

More Bitcoin News
SEC Commissioner Hester Pierce sheds light on Ethereum ETF staking under new administration

SEC Commissioner Hester Pierce sheds light on Ethereum ETF staking under new administration

In a Friday interview with Coinage, SEC Commissioner Hester Peirce discussed her optimism about upcoming regulatory changes as the agency transitions to new leadership under President Trump’s pick for new Chair, Paul Atkins.

More Cryptocurrencies News
Bitcoin dives 3% from its recent all-time high, is this the cycle top?

Bitcoin dives 3% from its recent all-time high, is this the cycle top?

Bitcoin investors panicked after the Fed's hawkish rate cut decision, hitting the market with high selling pressure. Bitcoin's four-year market cycle pattern indicates that the recent correction could be temporary.

More Bitcoin News
Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy

Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy

Bitcoin price has surged more than 140% in 2024, reaching the $100K milestone in early December. The rally was driven by the launch of Bitcoin Spot ETFs in January and the reduced supply following the fourth halving event in April.

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