Safemoon price has rallied 80% in a week, here’s what could happen next
- Safemoon price has breached a parallel trend channel.
- Safemoon price has increased by 80% over the last week.
- A break below $0.00765 will invalidate the bullish trend.
Safemoon price has displayed impressive strength within the crypto market. There is no evidence at the current time suggesting an end to the current uptrend move.
Safemoon could continue higher
Safemoon price continues to follow the technicals predicted two weeks ago as the bulls produce an 80% rally. Safemoon bulls are likely trailing their stops to actualize some profit. On Wednesday, the bulls managed to breach the consolidative trend channel, which spells extreme bullish price targets in the future.
Safemoon price is now trading at $0.00081. There is some choppy price action within the newly formed ascending channel, which is reasonable after a powerful rally. The volume indicator does not give enough reasons to consider the Safemoon price in jeopardy as of yet. Traders in profit from last week’s outlook should stay with the trend until proven wrong.
Safemoon/USD 2-Hour Chart
Safemoon price still has the potential to head south. The invalidation for the uptrend will be a breach below $0.000765. If the bears can breach this level, a retracement back into $0.000500 will occur, resulting in a 30% decrease from the current Safemoon price.
Author
Tony M.
FXStreet Contributor
Tony Montpeirous began investing in cryptocurrencies in 2017. His trading style incorporates Elliot Wave, Auction Market Theory, Fibonacci and price action as the cornerstone of his technical analysis.
