SafeMoon price finds strong support, increasing bullish potential for $0.00000147


  • SafeMoon price is still in a strong downtrend. 
  • The RSI is nearing the oversold area. 
  • With volume on the thin side, a bull is just around the corner.

SafeMoon (SAFEMOON) price is in a downtrend for most of September. With the Relative Strength Index (RSI) nearing the oversold region, bulls will start to gain an appetite to pick up some SAFEMOON. Bulls can easily match and squeeze sellers out of any short-term position with the volume on the thin side. To the upside, the 10-day Simple Moving Average (SMA) will be the first resistance bulls should face around $0.00000140.

SafeMoon bulls can make a reentrance toward $0.00000140

SafeMoon price action is on a long-term downward trajectory and is still looking for a floor in its price action. That floor might have been found around $0.00000120. Reasons for the floor formation come with the RSI nearing 30 again, which spells overbought status. This element should be on the radar of bulls and attract some interest in them. Next to that, an entry would look attractive, as the volume in SAFEMOON is wearing thin, and it would be easy to run price action up if the sellers’ volume is matched with buying action multiple times larger by volume. That would cause a nice squeeze in SafeMoon to the upside. 

SAFEMOON price faces the first hurdle on its northern path with the 10-day SMA at $0.00000140.That should only count as an intermediary level for any profit-taking. The real profit level that bulls would need to see is $0.00000147, which falls in line with the 30-day SMA.

SAFEMOON/USD 4H-chart

SAFEMOON/USD 4H-chart

A retest of the red descending trend line is possible, but sellers in SafeMoon will be vigorous to defend their levels. Expect SafeMoon price action  to be relatively muted once above the 30-day SMA at $0.00000147.

Should market sentiment turn further to the downside in a couple of days, expect a retest of $0.00000120 with the RSI dipping its toes sub-30. That, again, should be a reason to attract a few buyers to the party and allow for some counter moves back toward $0.00000140.


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

Ripple's XRP set sights on $1.100 following renewed investor interest

Ripple's XRP set sights on $1.100 following renewed investor interest

Ripple's XRP rallied nearly 20% on Tuesday, defying the correction seen in Bitcoin and Ethereum as investors seem to be flocking toward the remittance-based token. 

More Ripple News
Dogecoin Price Prediction: Could DOGE ETF spark new all-time high after 130% rise?

Dogecoin Price Prediction: Could DOGE ETF spark new all-time high after 130% rise?

Dogecoin rose over 15% on Tuesday as traders anticipate a price move toward the $1 threshold following Bloomberg analyst Eric Balchunas's post regarding a DOGE exchange-traded fund.

More Dogecoin News
Hedera's HBAR rallies nearly 20% as Canary Capital files for HBAR ETF

Hedera's HBAR rallies nearly 20% as Canary Capital files for HBAR ETF

Hedera's HBAR is up nearly 20% on Tuesday as Canary Capital submitted an S-1 registration to the US Securities & Exchange Commission for an HBAR exchange-traded fund.

More Hedera News
Ethereum Price Forecast: ETH down despite hype from Beam Chain unveil

Ethereum Price Forecast: ETH down despite hype from Beam Chain unveil

Ethereum is down 1% on Tuesday despite developer Justin Drake proposing the Beam Chain, a new consensus layer that aims to ship a series of changes that will fast-track the Main chain's roadmap to faster block times and quantum resistance.

More Ethereum News
Bitcoin: Further upside likely after hitting new all-time high

Bitcoin: Further upside likely after hitting new all-time high

Bitcoin hit a fresh high of $76,849 on Thursday as crypto-friendly candidate Donald Trump won the US presidential election. Institutional demand returned with the highest single-day inflow on Thursday since the ETFs’ launch in January.

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