Identifying targets for SafeMoon price sell-off

Safemoon price could see more decline in the coming days, but traders should keep a tight invalidation level.

Safemoon price has lower targets

Safemoon price has bullish traders running for the hills as a sharp decline has commenced this week’s trading session. It has been mentioned in previous outlooks that an ultimate target for the controversial cryptocurrency would reside in the $0.00010 price level. Monday’s 30% decline could be the beginning stages of Safemoon’s anticipated demise. 

Safemoon price currently trades at $0.00042, the lowest auction price this year. The only contrarian bearish signal to be aware of is that a bearish engulfing candle still hovers above the parallel channel median line and is accompanied by relatively low volume. In a hopeful crypto market, the bulls could keep the price consolidating above the median line before creating a turn. Ultimately Bitcoin’s reaction to $23,000 will be the determining factor for the current Safemoon price action. If BTC fails to hold $23,000, Safemoon will likely fall below $0.0003 in the coming days.

SFM/USDT 2-Day Chart

Invalidation of the downtrend is a breach above $0.00055. If this bullish scenario occurs, a rally back into $0.00075 could ensue, resulting in a 90% increase from the current Safemoon price.