• SafeMoon price has collapsed into a descending channel as notable weakness in the cryptocurrency complex weighs.
  • SAFEMOON 50 four-hour simple moving average (SMA) unable to take the role of support full-time.
  • #SafemoonSqueeze might be a top trend on Twitter, but the SafeMoon price reaction has been muted.

SafeMoon price may have made the turn higher, but traction has been momentary, not resulting in a sustainable, superior rush higher. Instead, SAFEMOON prefers to get locked in descending channels with no visible clues as to directional intentions. Thus, until the meme token can overcome the June 18 high, investors are better positioned in cash.

SafeMoon price pump does not get any quality jump

In a spirited attempt to induce a campaign to “pop off” SafeMoon price, Reddit user posted “GMEandAMCbroughtme” on r/SatoshiStreetBets, where they encouraged SAFEMOON followers to create a crypto version of Gamestop and AMC. Unfortunately, the “biggest squeeze of all time” has not materialized as the altcoin has continued to be influenced by the weakness in the cryptocurrency complex, continuing a descending channel going back to June 15.  

The rising 50 four-hour SMA did not provide support over the last few days, a disappointing technical development for SafeMoon price and an indication that SAFEMOON was not ready for aspirations of a higher price. 

The first line of defense for SafeMoon price is the crossing of the May 25 declining trend line that was fractured on the June 13 uptick and the June 8 low of $0.000000326. A failure to hold will release SAFEMOON to test the May 23 low of $0.00000285, and if the cryptocurrency market remains in a downtrend, investors should expect a test of the May 19 panic low of $0.00000261. In the worst-case scenario, a sweep of the May 19 low would be a 25% decline from the current price.

SAFEMOON/USDT 4-hour chart

SAFEMOON/USDT 4-hour chart

A close above the falling 200 four-hour SMA at $0.00000458 would alleviate the SafeMoon price uncertainty and allow SAFEMOON to rediscover the early uptrend detained by the broader market weakness. Yes, it is a 30% gain from the current price. Still, it is cheap insurance to pay for a higher probability entry to seize on a significant advance to at least the 50% Fibonacci retracement of the May correction at $0.00000731.


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

Bitcoin Price Forecast: Chances of pullback increase as miner selling ramps up

Bitcoin Price Forecast: Chances of pullback increase as miner selling ramps up

Bitcoin (BTC) price extends its decline for a second consecutive day on Wednesday, trading slightly down at around $87,600 after a 30% surge since November 5 pushed BTC to a new all-time high at $89,940.

More Bitcoin News
Crypto fraudster pleads guilty of taking part in $73 million laundering scheme

Crypto fraudster pleads guilty of taking part in $73 million laundering scheme

Daren Li, a Chinese citizen, pleaded guilty to conspiracy to help launder $73 million stolen in cryptocurrency scams. Li laundered funds using a network of shell companies and international bank accounts.

More Cryptocurrencies News
Cardano bulls show signs of exhaustion

Cardano bulls show signs of exhaustion

Cardano’s price is falling on Tuesday as it faces rejection around $0.624 and traders engaged in profit-taking following the recent rally. Technical indicators show signs of weakness in upward momentum as the RSI exits from the overbought territory.

More Cardano News
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC, ETH and XRP could face pullbacks

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC, ETH and XRP could face pullbacks

Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP) trade in the red on Tuesday following strong rallies since last week, driven by crypto-friendly candidate Donald Trump's election victory. 

More Cryptocurrencies 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