Sarah Tran
Independent Analyst
- SafeMoon price action has been muted over the past few months.
- Traction has been momentary as the altcoin reached a swing high of $0.00000401.
- However, SafeMoon was unable to break above the technical pattern and could now be headed for a 40% drop.
SafeMoon price continues to trend sideways as it is sealed in a consolidation pattern, with little hope of moving higher. SAFEMOON could be headed for a 40% drop as buyers are nowhere to be found.
SafeMoon price is going nowhere
SafeMoon price action has been uneventful as it continues to move within a descending parallel channel pattern on the daily chart. SAFEMOON appears to have lost momentum as there is little chance for the altcoin to bounce back.
In fact, SafeMoon price could be awaiting a steep drop, as trading volume has diminished, which means investors are uninterested in SAFEMOON.
The bears could aim for a 41% plunge to $0.00000113, as this level acts as the next significant level of support for SafeMoon price.
Further selling pressure could even push SAFEMOON lower to tag the April 10 low at $0.00000065. Only an astonishing turn of events that incentivizes an extended move to the downside could see SafeMoon price hitting the lower boundary of the parallel channel at $0.00000048.
Should the bulls aim for a recovery, SafeMoon price is faced with an immediate obstacle at the middle boundary of the governing technical pattern at $0.00000205.
SAFEMOON/USDT daily chart
The following hurdle for SafeMoon price is at the 20-day and 50-day Simple Moving Averages (SMAs) that coincide at $0.00000231. Only a significant push to the upside accompanied by an uptick in buying pressure would see SAFEMOON attempt to tag the 100-day SMA at $0.00000281.
Should the bulls aim for bigger aspirations, SafeMoon price could reach the topside trend line of the parallel channel, which sits near the 23.6% Fibonacci retracement level at $0.00000360.
Given the lackluster performance of SafeMoon price over the past few months, higher levels are not expected at the moment. In fact, SAFEMOON will most likely continue trending within the prevailing chart pattern.
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.