Jonathan Morgan
Independent Analyst
- SafeMoon price spiked as much as 37% during the week.
- Buyers are currently testing the final Ichimoku resistance at Senkou Span B.
- Strong commitment from buyers is required to push SafeMoon above the Cloud.
SafeMoon price is one the best performers of the week in the cryptocurrency space. It has gained as much as 113% from the beginning of October. Even though SafeMoon found intense selling pressure at $0.0000026, it is still up over 95% for the month.
SafeMoon price temporarily halted against the top of the Cloud and a critical Fibonacci expansion level
SafeMoon price has made several attempts to close above Senkou Span B and the 100% Fibonacci expansion, both at $0.0000024. Thus, a Friday close just below $0.0000024 could be a boon for bulls or bears as liquidity dries up and volatility increases during the weekend.
Despite the strong rally that SafeMoon price has experienced, it is still massively underperforming the broader cryptocurrency market. While many cryptocurrencies hit new all-time highs and continue to form new all-time highs, SafeMoon is just coming off of making new all-time lows. If momentum remains strong, then bulls may be able to push SafeMoon above the Cloud and to the profit target level at the 161.8% Fibonacci expansion at $0.0000030.
SafeMoon/USDT Daily Ichimoku Chart
While the downside risk is more limited, SafeMoon is at the mercy of Bitcoin’s price action. If Bitcoin experiences some profit-taking and additional selling pressure on Saturday and Sunday, SafeMoon will likely face similar weakness.
The first support level that SafeMoon price will test is the 61.8% Fibonacci expansion at $0.0000020. Below that is the Kijun-Sen at $0.0000018. Any close below the Kijun-Sen and the Cloud will probably push SafeMoon to its all-time low at $0.0000010.
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