• SafeMoon price broke out of a falling wedge pattern on August 6.
  • Investors can expect a 13% upswing from the $0.00000163 support barrier.
  • The SAFEMOON wallet and the upcoming developments might trigger the upswing.

SafeMoon price has been on a slow downtrend since its all-time high on May 12. However, the sell-off was exacerbated after May 19. Although SAFEMOON showed signs of reversal on August 4 and August 12, these signs were a fluke.

However, all is not lost as the support level at $0.00000163 is a major crucial barrier and could trigger a massive uptrend.

Bullish technicals and oversold conditions

SafeMoon price set up three lower highs and four lower lows since May 21. Connecting these swing points using trend lines shows the formation of a falling wedge pattern on the 12-hour chart. 

This technical formation forecasts a 77% upswing, determined by measuring the distance between the first swing high and low. Adding this distance to the breakout point at $0.00000217 reveals an intended target at $0.00000378.

However, since its breakout on August 6, SAFEMOON price has failed to display bullish momentum and has crashed 25% from $0.00000217 to retest a crucial support barrier at $0.00000163, which served as a foothold on April 18, facilitating a 443% upswing in the next three days or less.

Therefore, investors can expect a bullish reaction after a retest of the $0.00000163 demand level.

Another reason for being bullish on SafeMoon price is the Relative Strength Index, which has slipped below the oversold zone at 30. A dip below 30 indicates that the investors have been booking profit, leading to a sell-off.

The last four times SAFEMOON hit this level, its market value saw a 25% to 55% upswing.

Combining this observation with the bullish falling wedge pattern, market participants can expect a continuation of the rally to its intended target at $0.00000378.

SAFEMOON/USDT 12-hour chart

SAFEMOON/USDT 12-hour chart

SafeMoon wallet launch date announced

SafeMoon has been teasing its upcoming wallet for quite some time. However, it recently announced the launch date, August 28. This step comes after the company has kept things hush-hush surrounding the wallet. Moreover, the beta testing for the wallet, which is now closed, has made the developers sign an NDA (non-disclosure agreement). 

This move has left the users searching for answers as they wait with bated breath. Investors can expect the launch of the wallet to have a positive impact on the SafeMoon price.

On a similar note, other notable developments surrounding SAFEMOON include the bridge to WAX and EOS cryptocurrencies.

Typically, a bridge is a platform that offers cross-chain connection, i.e. transfer of data and assets across multiple blockchains. Although a definitive date has not been provided, a Twitter post suggests that this bridge will be launched in September.

To sum it up, these developments are likely to catalyze the already bullish technicals, propelling SAFEMOON to double in market value.

Regardless of the bullish technicals and fundamental developments around SafeMoon, investors should note that $0.00000163 is a crucial demand barrier. A decisive 12-hour candlestick close below this area will invalidate the bullish thesis and signify weak buying pressure.

While SafeMoon price might consolidate in this area, a failure to hold around this barrier might potentially trigger a 45% downswing to $0.00000094 and $0.00000061.


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


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