• SafeMoon price has not been able to reverse the period of underperformance.
  • SAFEMOON has presented a bearish chart pattern, suggesting a 25% move to the downside.
  • $0.00000203 acts as critical support for the altcoin, and a close below this level could spell trouble for the bulls. 

SafeMoon price action continues to be underwhelming as SAFEMOON carries on with making lower lows. The diminishing trading volume also suggests that interest in the altcoin has declined, leading to a development of a bearish chart pattern.

SafeMoon price at risk of a steep decline

SafeMoon price has collapsed a descending triangle pattern on the 4-hour chart, suggesting that SAFEMOON could be heading lower. Despite efforts to recover from the underperformance, the cryptocurrency lacked strength and is at risk of further decline.

The governing technical pattern suggests that SafeMoon price is prepared for a 24% drop, heading to $0.00000153. Failing to hold above the base of the triangle at $0.00000203 could spell trouble for the bulls.

Currently, SafeMoon price is indecisive, consolidating around the horizontal trend line of the prevailing chart pattern. The price action could quickly be shifted if SAFEMOON sees a spike in selling pressure, putting the bearish target on the radar.

SafeMoon price could also find support at the 127.2% Fibonacci retracement level at $0.00000172 before reaching the target given by the descending triangle. However, this line of defense remains weak as the diminishing trading volume may suggest that buyers are nowhere to be found and may struggle to lift prices higher against the overpowering distribution of the sellers.

SAFEMOON

SAFEMOON/USDT 4-hour chart

Should SafeMoon price witness a reversal of fortune, the altcoin would need to slice above the hypotenuse of the descending triangle and the 20 four-hour Simple Moving Average (SMA) at $0.00000210 to avoid the bearish outlook. 

Further hope may arise for the bulls if SafeMoon price surges above the 78.6% Fibonacci retracement level at $0.00000218, as SAFEMOON could then target the next resistance at $0.00000277, where the 50 and 100 four-hour SMAs converge. 

However, SafeMoon price is not expected to make further advances above the aforementioned resistance level given the lack of buying pressure and trading volume. 


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

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC declines as resistance emerges near all-time high

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC declines as resistance emerges near all-time high

Bitcoin and Ethereum are approaching their key support levels, and a sustained close below these marks could lead to further declines. 

More Cryptocurrencies News
TON set to launch synthetic Bitcoin to boost its DeFi solutions

TON set to launch synthetic Bitcoin to boost its DeFi solutions

TON revealed its plan on Thursday to launch a synthetic Bitcoin token on its blockchain, allowing users to trade, stake, and earn yield using BTC. Following the announcement, TON is down over 3%.

More Ton News
Maker Price Forecast: MKR could stage 40% rally

Maker Price Forecast: MKR could stage 40% rally

MakerDAO is up 2% on Thursday and could be set for a 40% rise in the coming weeks if it successfully maintains an extended move above the descending trendline of a falling wedge. On-chain data also supports the bullish outlook after a four-month-long decline.

More MakerDAO News
USDT market cap crosses $120 billion as stablecoins continue their uptrend

USDT market cap crosses $120 billion as stablecoins continue their uptrend

The stablecoin market cap continued its uptrend in October, characterized by USDT reaching a $120 billion market cap, according to a CCData report on Thursday. This indicates that investors are preparing liquidity to fuel more demand.

More USDT 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