• Safemoon price has fallen below a primary support zone, pointing to lower prices.
  • Restest of the breakout lower failed to recover Safemoon above support.
  • 30% drop ahead for SafeMoon going into the weekend.

SafeMoon price has not been forgiving to any late entry buyers. After reaching a new six-month high of $0.0000070 on October 29th, SafeMoon has had a steady sell-off with little to no reprieve for the bulls. SafeMoon is currently down nearly 50% from the October highs – and will probably move even lower.

SafeMoon price eyes a steep drop going into the weekend; little support exists between $0.0000039 and 0.0000028

SafeMoon price had one tough support level for sellers to break through at 0.0000039 – which contains the weekly Tenkan-Sen (thick, blue ray) and the 61.8% Fibonacci retracement. For seven straight trading sessions, bears assaulted that support level and were finally able to crash through it during Wednesday’s sell-off. A retest of that breakout happened on Thursday, but that’s where it halted. So further downside pressure is now likely.

After failed support, the projected target low is a confluence zone of the 61.8 Fibonacci expansion and 88.2% Fibonacci retracement levels at $0.000028. That would represent a 30% drop from the Friday open. However, some support may come in at $0.0000030 as it is a robust psychological number and the top of a high volume node.

SafeMoon/USDT Daily Ichimoku Chart

There is a Kumo Twist that occurs on November 17th that may save SafeMoon from any extended sell-offs. If SafeMoon price continues to trend lower near November 17th, that could trigger a bullish corrective move. Kumo Twists are often points of reversal for price action, especially if an instrument is trending into the date of the Kumo Twist. Any bullish response around November 17th will likely see a retest of the original support – now turned resistance – at $0.0000039.


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

US presidential election outcome could shape the future of crypto

US presidential election outcome could shape the future of crypto

US citizens will go to the polls to elect a new president on November 5, and their choice could be key for the future of the crypto industry and thus the price outlook for Bitcoin (BTC).

More Cryptocurrencies News
Bitcoin ETFs beat Gold ETFs with 65% gain since launch

Bitcoin ETFs beat Gold ETFs with 65% gain since launch

Bitcoin ETFs have reshaped the digital asset investment landscape since their approval in January. Their total assets under management climbed over $70 billion during the weekend, placing them ahead of other investment products, including gold.

More Bitcoin News
XRP eyes 10% rally amid relisting across crypto exchanges and growing institutional demand

XRP eyes 10% rally amid relisting across crypto exchanges and growing institutional demand

Ripple's XRP is trading at $0.5050 up slightly by 0.2% in the past 24 hours as it struggles to sustain a move above a key symmetry triangle resistance. Meanwhile, in its recently released Q3 report, Ripple noted the rising listing and relisting of XRP across crypto exchanges and global platforms.

More Ripple News
Ethereum Price Forecast: ETH struggles below $2,500 amid State of Michigan pension fund investment in ETH ETF

Ethereum Price Forecast: ETH struggles below $2,500 amid State of Michigan pension fund investment in ETH ETF

Ethereum is trading near $2,420, down about 1% on Monday, but could bounce off a key descending trendline close to the $2,258 historically high demand zone. Meanwhile, the State of Michigan pension fund revealed an investment of $11 million in ETH exchange-traded funds.

More Ethereum News
Bitcoin: New all-time high at $78,900 looks feasible

Bitcoin: New all-time high at $78,900 looks feasible

Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.

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