|

Can the second half of 2022 be kind to SafeMoon price?

  • SafeMoon price shows signs of recovery after consolidating for days between $0.000584 and$0.000414.
  • Investors can expect a bounce to result in roughly a 100% upswing to $0.000876.
  • A daily candlestick close below the range low at $0.000356 will invalidate the bullish thesis for SAFEMOON.

SafeMoon price shows a bullish outlook that seems too good to be true. Investors that do not practice proper risk management could get caught off guard. 

SafeMoon price prepares for a run-up

SafeMoon price consolidated between the $0.000584 and $0.000414 levels since June 19. This coiling up capped the altcoin’s volatility. However, the recent bounce off the lower limit suggests that SAFEMOON is ready for a quick move higher.

Factoring in the state of Bitcoin, which is looking bullish and ready for a bounce, investors need to prepare for a similar outlook for SafeMoon price. The most probable level that the altcoin can retest is the 50% retracement level at $0.000725.

If bullish momentum overcomes this hurdle, market participants can expect SafeMoon price to make a run for the 70.5% retracement level at $0.000876. This run-up would constitute a 100% upswing for SAFEMOON and is likely where the upside is capped.

SAFEMOON/USDT 1-day chart

SAFEMOON/USDT 1-day chart

While things are looking bullish for SafeMoon price after the recent consolidation, investors need to note that the altcoin tagged the range low at $0.000356 multiple times. This development leaves a lot of liquidity below it, making it malleable for market-maker manipulation.

If a  sweep of the said level materializes, SafeMoon price could produce a daily candlestick close below the range low to invalidate the bullish thesis.

In such a case, SAFEMOON could crash 56% to the next support level at $0.000157.

Author

Akash Girimath

Akash Girimath is a Mechanical Engineer interested in the chaos of the financial markets. Trying to make sense of this convoluted yet fascinating space, he switched his engineering job to become a crypto reporter and analyst.

More from Akash Girimath
Share:

Editor's Picks

Bitcoin steadies at $82,000: The five forces crushing the Uptober rally

Crypto markets have remained under pressure so far in October, with Bitcoin sliding below $80,000 earlier this week before recovering to around $82,000 on Friday, as macroeconomic headwinds and cooling demand weigh on the market.

Ripple bulls build new support base amid RLUSD payments expansion

Ripple ticks up for the second day in a row on Friday, trading at $1.34. The remittance token holds above medium-term structural support; however, strong supply near $1.40 caps upside. A break above this area would reinforce the bullish grip.

Busy week for Ripple’s RLUSD: What changes for stablecoin holders?

Ripple’s RLUSD is gaining ground across institutional finance, with a major bank launching custody services, a new wallet integration making it easier for developers to build payments and agentic experiences on the network, and a brokerage platform planning to use the stablecoin for settlement.

Bitcoin Weekly Forecast: Macroeconomic headwinds, cooling demand cap BTC gains

Bitcoin extends its correction this week, trading below $82,500 on Friday, as selling pressure continues. Hotter-than-expected US CPI and PPI data point to broader inflation pressures and persistent geopolitical uncertainty, weighing on risk sentiment.

Bitcoin: Macroeconomic headwinds, cooling demand cap BTC gains
Bitcoin (BTC) extends losses this week, trading below $82,500 as of Friday as selling pressure continues. Weakening institutional demand supports this pullback as BTC spot Exchange-Traded Funds (ETFs) are on track to record a two-week withdrawal streak, reaching $146.19 million in net outflows through Thursday.