Why SafeMoon price still ain’t going nowhere

SafeMoon price is stuck between a rock and a hard place.
SFM price sees several bullish and bearish technical elements keeping price action gripped.
Expect to see further consolidation with a price breakout going into next week.

SafeMoon (SFM) price is still respecting several technical elements that are determining the price action for most of June and July for now. On the one hand, the orange descending trend line is still very much pressing on any attempts of bulls to break higher, while the green ascending trend line underpins SFM price action with a slow grind higher. Buyers and sellers are getting pushed toward each other, and a breakout could happen anytime now.

SFM price set for a bearish breakout

SafeMoon price has seen a rejection of the bulls’ attempt to break above the orange descending trend line, as price has taken a dip and looks set to break below the low of Thursday. In a small area, the road looks open for a price drop back to the base supportive green ascending trend line. In this narrow price range, bears and bulls are getting squeezed towards each other, set for consolidation and a breakout.

SFM price will break below the green ascending trend line towards the black baseline at $0.0003842. A bearish triangle can be identified with the orange and red descending trend line, providing reasoning on why the breakout would fall in favor of the bears. Should that $0.0003842 give way, expect a massive nosedive move of 30% towards $0.0002716.

SFM/USD Daily chart

An upside break would need a catalyst to trigger an explosion in the buy-side volume needed to lift SFM price action up. That catalyst could come from a weekly gain in equities or a sigh of relief on the back of positive development in geopolitics. That would see a massive rally towards $0.0005791 and bear 20% of gains to traders that jump on the break above the orange ascending trend line.

Share: Cryptos feed

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.