- SAFEMOON price eyes key support, as 12H technical setup favors bears.
- Bears need 12H candlestick closing below 100-SMA.
- RSI remains bearish, looks to test the oversold region.
SAFEMOON price is wallowing near two-week lows of $0.000003983, down nearly 10% over the past 12 hours, as the sellers remain in complete control after this week’s market turbulence.
Despite several encouraging tweets by the auto-generating liquidity protocol since the mid-week crash, investors continue to lack conviction amid a persistent downbeat mood across the crypto markets, courtesy of the recent Chinese regulatory announcements.
SafeMoon hit lifetime highs of $0.000008419 on May 12, in response to a broader market advance and celebrity endorsements. The most recent celebrity to promote SafeMoon is Barstool Sports founder Dave Portnoy.
Additionally, the meme-based coin also drew support earlier this month after the company tweeted out, a video boasting it was "CertiK Approved."
SAFEMOON/USD: Technical indicators scream sell, more losses in the offing
The downside appears more compelling for SAFEMOON, especially after the price failed to resist above the 100-simple moving average (SMA) at $0.000004362 on the 12-hour chart.
The sellers now await a 12-hourly candlestick close below the abovementioned key support, in order to challenge the immediate line of defense at $0.000003670.
If the selling pressure intensifies, the next downside target is aligned at $0.000003062.
The Relative Strength Index (RSI) is on the track to test the oversold territory, currently around 35.50, suggesting there is a scope for additional downside.
SAFEMOON/USD: 12-hour chart
However, should the bulls recapture the 100-SMA support-turned-resistance on a sustained basis, a recovery towards the $0.0000050 psychological barrier cannot be ruled out.
The horizontal 50-SMA resistance at $0.000006282 is the level to beat for the SAFEMOON bulls.
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