• 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

Is Altcoin Season here as Bitcoin reaches a new all-time high?

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.

More Altcoin News
Shanghai court confirms legal recognition of crypto ownership

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.

More Cryptocurrencies News
BTC hits an all-time high above $97,850, inches away from the $100K mark

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.

More Bitcoin News
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange

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.

More Shiba Inu News
Bitcoin: New high of $100K or correction to $78K?

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.

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