- SafeMoon price broke above the long-term red descending trend line.
- SAFEMOON price is set to pop higher as cryptocurrencies see an overall lift.
- Expect to see pop back up to $0.0006118242 first and next $0.00008008170.
SafeMoon (SAFEMOON) price is back among the living after price action continuously declined accompanied by fading interest and volume. Since the break above the red descending trend line, both volume and the Relative Strength Index (RSI) have picked up. Add to that the favourable tailwinds rolling through markets today, and SafeMoon price is set to recover 55%
SAFEMOON price set to rally 55%
SafeMoon price is surfing the waves that are riding risk assets higher today. The sentiment currently in the market almost feels like every tail risk has been shrugged off or priced in. Supply chain risks from China are not a worry anymore as Shanghai is opening up. The risk of escalation in geopolitics is not an issue anymore as Putin confirms he has no issue with Sweden and Finland joining NATO; so what do investors have to worry about then?
SAFEMOON price sees a lift in volume on the demand side, which is pulling the RSI higher, but still maintaining plenty of room for continuation in prices higher. Expect at first to see the current consolidation phase conclude with a bullish breakout towards $0.0006118242 or the 61.8% Fibonacci level, and subsequently $0.0008008170, at the 50% Fibonacci level. SafeMoon price can tie up again with the majors with this move as it will book around 55% of gains.
SAFEMOON/USD daily chart
One lingering issue on the horizon is the inflation tail risk that could still bite into global growth and make investors flee to cash. In the event of that happening, SafeMoon price would take a hit and drop back to $0.0003427497, which is the low of May. A further slip to the downside could see $0.0002000000 tested.
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