- SafeMoon is in a technical triangle play to the upside.
- $0.00000300 is forming a triple top and will be hard to break above.
- Favorable tailwinds in cryptocurrencies should help SAFEMOON.
SafeMoon price (SAFEMOON) has been on a very subdued recovery path as the more significant cryptocurrencies could recover much more ground to the upside this week. The trend seems to have kicked into high gear since August 16 when SafeMoon almost touched $0.00000100 to the downside.
Price action was able to find some buyers, and SAFEMOON is since then in a triangle play upwards with the green ascending trend line being used as a backbone for the rally. In the meantime, SafeMoon was able to recover and take out the 21-day Simple Moving Average (SMA). That same SMA is today acting as support for the price action and the green ascending trend line and is keeping SafeMoon in rally mode.
SafeMoon has 35% upside potential if it can keep this rally going
The next part to face will be the resistance of the 55-day SMA. That has been a difficult one to break to the upside as it was attempted on August 23. Although the price shot above the 55-day SMA, buyers could not keep the candle above it. It makes the level a difficult one to cross. For now, that level is around $0.00000260 and isa critical level to watch.
Of course, the big target to the upside is $0.00000300, which was formed on July 26. As of that day, SafeMoon was not able to trade above that price. An attempt was made on July 27 and August 7, but both attempts failed and made the price run lower. This level has considerable importance for short-sellers who entered there and have their stops safely tucked above $0.00000300.
Expect a big battle between buyers and sellers by the end of this week toward $0.00000300. With the favorable tailwind in the cryptocurrency markets and renewed attention in the media for Bitcoin, SafeMoon should monetize on that attention. Price action will shoot through $0.00000300 to take out most of the stops from short sellers, but once that has happened, expect possible price action to either return to test $0.00000300 or even dip below back to the green ascending trend line.
Should the green ascending trend line break, expect a push further down toward $0.00000100 in the coming weeks as sellers will be in control of the price action.
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.