SafeMoon Price Prediction: SAFEMOON is dead money below $0.00000287

• SafeMoon price resumes a downward trajectory with the 20-day simple moving average (SMA) providing resistance.
• SAFEMOON spike of 30.59% on August 7 was a technical event, not the beginning of a new uptrend.
• A social volume metric shows no sustainable interest in the altcoin since June 1.

SafeMoon price has failed to sustain the largest one-day gain since the May 6 rally of 59.79%, while dropping back near the August 2 low of $0.00000190. The technical event did nothing to alter the bearish tone established by the breakdown from a descending triangle on July 28. As a result, SAFEMOON remains on pace to test the triangle's measured move price target of $0.00000111.

SafeMoon price shows no upside potential

From the May 19 collapse until July 27, SafeMoon price constructed a descending triangle pattern that resolved to the downside on July 28. SAFEMOON immediately fell over 25%, leading to an oversold condition on the daily Relative Strength Index (RSI) on August 2. The altcoin moved sideways and closed on August 7 with a 30.59% gain.

The burst higher did carry SafeMoon price above the descending triangle support line and the commanding 20-day SMA. However, the gains were quickly erased on August 8, confirming that the impressive one-day rally was not the beginning of a new SAFEMOON uptrend but a technical reaction to the oversold condition on the daily RSI.

The SAFEMOON reversal has continued, pressing SafeMoon price down to $0.00000199 today, just above the August 2 low of $0.00000190.  

The measured move of the descending triangle pattern is around 57%, defining $0.00000111 as the SafeMoon price target. SAFEMOON will need to fall an additional 47% from the current price to reach the measured move target. A realistic scenario based on the bearish price structure and absence of bullish sentiment in the retail investor ranks.

SAFEMOON/USD daily chart

To begin a break from the SAFEMOON price structure and a reassessment of the bearish narrative, SafeMoon price needs to log a daily close above the 50-day SMA, which resides at $0.00000287. Otherwise, speculators will be caught in the fluid support and resistance attributed to the 20-day SMA at $0.00000240, the May 19 low of $0.00000261 and the 50-day SMA.

The failure of SafeMoon price to capitalize on the 30.59% spike reflects the disinterest in SAFEMOON among retail investors. The Santiment Social Volume indicator, which shows the number of mentions of the coin on 1000+ crypto social media channels, reveals that social media traffic has held constant with the occasional spike higher since June 1. None of the jumps in traffic have proved sustainable.

SAFEMOON, a cryptocurrency with no real-world use, needs the power of social media to sustain higher prices, or it is doomed to trend lower until a concrete use emerges for the token that can positively dictate SafeMoon price action.

SAFEMOON Social Volume - Santiment

From a technical or fundamental perspective, there is no redeeming value in SAFEMOON or reasons for SafeMoon to target higher prices. If a broad, impulsive rally in the cryptocurrency complex cannot motivate better SAFEMOON outcomes, investors should prepare for the weakness to continue and reach at least the measured move target of $0.00000111. So yeah, fear the reaper. 

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