• 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

tm/sfm/518/22

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.

Cryptos feed Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Bitcoin price all but confirms a bearish breakout amid opposing on-chain metrics

Bitcoin price all but confirms a bearish breakout amid opposing on-chain metrics

Bitcoin price shows a confluence of bearish developments that suggests an incoming downtrend. This development could halt the bullish outlook seen in Ethereum and other related altcoins. Bitcoin price is in a classic Wyckoff Distribution Phase.

More Bitcoin news

Chainlink Price Prediction: The good, the bad and the ugly of this LINK top reversal pattern

Chainlink Price Prediction: The good, the bad and the ugly of this LINK top reversal pattern

Chainlink price shows an interesting setup that could result in a steep correction and an eventual undoing of the gains. While the former scenario is plausible, the latter is a worst-case outlook and has relatively less chance of manifesting.

More ChainLink news

Crypto Sleeping Giants: Enjin Coin Price - A 3000% rally by 2023

Crypto Sleeping Giants: Enjin Coin Price - A 3000% rally by 2023

Enjin coin price could become a crypto outperformer in the next bullrun. Key levels have been identified. The Enjin token, an Ethereum based gaming token witnessed a 14,000% rise between March 2020 lows at $0.03 and the 2021 highs at $4.85.

More Enjin Coin news

​​​​​​​​​​​​​​Got It! This Shiba Inu price trade worked out perfectly, here's what could happen next

​​​​​​​​​​​​​​Got It! This Shiba Inu price trade worked out perfectly, here's what could happen next

Shiba Inu price tags the intended $0.00001550 target. Shiba Inu price has recently rallied an impressive 35% in just one day. Throughout the summer, the outlook has been maintained at a short-term bullish stance with targets in the $0.00001400 -0.00001550 area.

More Shiba Inu news

Bitcoin: If bulls lose control here, BTC could revisit $21,000

Bitcoin: If bulls lose control here, BTC could revisit $21,000

Bitcoin price shows an interesting setup that could reveal its next move. On closer inspection,  its technicals support a bearish outlook for the leading crypto.  

Read full analysis

BTC

ETH

XRP