• SafeMoon bulls broke an important downtrend element.  
  • With an uptrend trend line respected at $0.00000118, bulls look to gain the upper hand.  
  • With the RSI at 50, bulls should face not that much resistance short term to book some gains.

SafeMoon (SAFEMOON) price is finally showing some divergence after six consecutive weeks of the downtrend in SAFEMOON price action. Bulls can defend a crucial level at $0.00000118, which is the crossroad between the downtrend and the start of the uptrend. Bulls have the power to run SafeMoon price toward $0.00000296.

SafeMoon bulls are at the crossroads to start a bull run toward $0.00000296

SafeMoon price action was stuck in a downtrend for six consecutive weeks. Bulls are proving to be resilient as SafeMoon price is catching a bid in a very competitive market where risk-off seems to be the theme these past few days.  The uptrend and downtrend cross each other at $0.00000118, which bulls are succeeding at defending right now. 

With the significance of $0.00000118, bulls have two perfect entry points here. One is the red descending trend line that acted as the guide in the downtrend these past few weeks. And to the upside, the green ascending trend line was causing a squeeze. With those two elements now in favor of the bulls in SafeMoon price action, the road looks paved with gold toward $0.00000296, the 78.6% Fibonacci level.

SAFEMOON/USD weekly chart
 

SAFEMOON/USD weekly chart

Expect bulls to have some issues with the 5-day Simple Moving Average (SMA) at $0.00000158 as it has already put a cap on the price action to the upside. But the Relative Strength Index (RSI) is solid around 50, making it a good case that bulls need to match the seller's action around that level. Further up, it should be smooth sailing toward that $0.00000296.

With market sentiment very choppy, expect a souring mood in global markets to make bulls cut their positions in a take-the-money-and-run scenario. That would spell good news for bears in SafeMoon price action and trigger a break below the green ascending trend line.




 


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


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


Recommended Content

Editors’ Picks

Bitcoin Weekly Forecast: BTC nosedives below $95,000 as spot ETFs record highest daily outflow since launch

Bitcoin Weekly Forecast: BTC nosedives below $95,000 as spot ETFs record highest daily outflow since launch

Bitcoin price continues to edge down, trading below $95,000 on Friday after declining more than 9% this week. Bitcoin US spot ETFs recorded the highest single-day outflow on Thursday since their launch in January.

More Bitcoin News
Bitcoin crashes to $96,000, altcoins bleed: Top trades for sidelined buyers

Bitcoin crashes to $96,000, altcoins bleed: Top trades for sidelined buyers

Bitcoin (BTC) slipped under the $100,000 milestone and touched the $96,000 level briefly on Friday, a sharp decline that has also hit hard prices of other altcoins and particularly meme coins. 

More Bitcoin News
Solana Price Forecast: SOL’s technical outlook and on-chain metrics hint at a double-digit correction

Solana Price Forecast: SOL’s technical outlook and on-chain metrics hint at a double-digit correction

Solana (SOL) price trades in red below $194 on Friday after declining more than 13% this week. The recent downturn has led to $38 million in total liquidations, with over $33 million coming from long positions.

More Solana News
SEC approves Hashdex and Franklin Templeton's combined Bitcoin and Ethereum crypto index ETFs

SEC approves Hashdex and Franklin Templeton's combined Bitcoin and Ethereum crypto index ETFs

The SEC approved Hashdex's proposal for a crypto index ETF. The ETF currently features Bitcoin and Ethereum, with possible additions in the future. The agency also approved Franklin Templeton's amendment to its Cboe BZX for a crypto index ETF.

More Cryptocurrencies 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