- SFM price is breaching through a triangle apex.
- Safemoon price is showing increased momentum on the Relative Strength Index.
- Invalidation of the bullish scenario is a breach below $0.0004035 after a successful retest of the triangle apex.
Safemoon price signals an upcoming price hike. The trade setup could produce very profitable returns if the technicals manifest.
Safemoon price scouting for a buy opportunity
Safemoon price displays subtle bullish cures reflected in the current price action. The Safemoon price attempts to breach through a previous degree wave four triangle. These tiny triangles usually produce very sharp retracements, which have been known to induce new bull rallies by trapping shorts sellers in the process.
Safemoon price also reflects a strong bullish optimism on the Relative Strength Index. The indicator displays the current price of $0.0005192, extending into overbought territories but with little resistance preventing a new rally. The ultimate trade setup will first be a breach through the triangle apex at $0.0006000. If the bulls can establish a rally, the price should continue rising higher. An ideal entry will be a retracement of the apex followed by bullish engulfing candles with decent volume on the 4-hour Chart.
SFM/USDT 4-Hour Chart
Invalidation is vital for this setup. First, the bulls must break away from the apex and then retrace. On the second breakout from the retraced apex, traders can place a stop loss at $0.0004067 and aim for the trend line at $0.0007792. If the bears can breach the $0.0004067, consider this trade setup a failure. The bears could then aim for lower targets at $0.0002746, resulting in a 40% decrease from the current Safemoon price.
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.