- SafeMoon price sees bulls trying to get away from the $0.001778 level.
- Instead, bears keep a lid on upside price action with a break to the downside still on the cards.
- Should the Nasdaq close the week with a loss, expect bulls to flee the scene in SafeMoon.
SafeMoon (SAFEMOON) price has been starting a new version since the back end of 2021, but V2 looks to be just a copy-paste of V1 with price action falling to low levels and investors interest fading by the day. For the moment, bulls are looking to try one last time, but with volume wearing thin SafeMoon bulls are on their last legs before folding. Expect a break to the downside to be on the cards with a possible 10% loss.
SafeMoon reboot in V2 is simply a copy-paste of V1
SafeMoon price action is not favouring any long-term investors since it decided to start a reboot version of the initial SafeMoon V1. With a vast inflow and uptick, all-time highs got set at early January around $0.003000. But since then, price action has been one-directional to the downside for over a month now.
SafeMoon bulls, however, have been trying to fight the trend by breaking the red descending trend line on Monday but that attempt saw a firm rejection of the $0.001906 historical level. With that rejection, bulls got squeezed out of their positions by a bearish candle that broke the low of Monday, the next day. In the meantime, price action has touched base at $0.0017960 but still looks heavy, although two bullish candles are forming against the tide of market sentiment after a significant inflation number that is stirring up markets again.
SAFEMOON/USD daily chart
Expect the market situation to deteriorate further and see bears break the $0.001760 level, opening up the last area of support before making new lows at $0.001621. Should Nasdaq, as a leading indicator, be able to tie up the week with a gain and positive close, expect some mild interest coming back to SafeMoon price action with a pop above $0.001800 towards the 200-day Simple Moving Average (SMA) at $0.001875, this week. That would mean that bulls hold the key for an attack at $0.001965 in the week to come.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Is Altcoin Season here as Bitcoin reaches a new all-time high?
Bitcoin reaches a new all-time high of $98,384 on Thursday, with altcoins following the suit. Reports highlight that the recent surge in altcoins was fueled by the victory of crypto-friendly candidate Donal Trump in the US presidential election.
Shanghai court confirms legal recognition of crypto ownership
A Shanghai court has confirmed that owning digital assets, including Bitcoin, is legal under Chinese law. Judge Sun Jie of the Shanghai Songjiang People’s Court shared this opinion through the WeChat account of the Shanghai High People’s Court.
BTC hits an all-time high above $97,850, inches away from the $100K mark
Bitcoin hit a new all-time high of $97,852 on Thursday, and the technical outlook suggests a possible continuation of the rally to $100,000. BTC futures have surged past the $100,000 price mark on Deribit, and Lookonchain data shows whales are accumulating.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: New high of $100K or correction to $78K?
Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.
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.