SafeMoon bulls look for a breakout to $0.0000024
- SafeMoon price is up as much as 13% on the Tuesday trade session.
- A breakout above Senkou Span A positions SafeMoon to test $0.0000024.
- Bitcoin futures ETF approval could weigh negatively on SafeMoon.
SafeMoon price is one of the best performers of the day, with moves as high as 13% above the open. While the breakout above $0.0000019 is bullish, momentum must be maintained to push SafeMoon above the Cloud to create clear bullish conditions.
SafeMoon price breaks out above $0.0000019; the next test is $0.000024
SafeMoon price action has one more resistance zone ahead: $0.0000024. The top of the Cloud (Senkou Span B) is the most substantial level in the Ichimoku Kinko Hyo system. It represents the most challenging level of resistance on the chart. The question now is this: does SafeMoon have enough momentum to breakout above $0.0000024? According to its oscillators, yes.
The Relative Strength Index has been in bear market territory since the beginning of the SafeMoon price chart history (May 2021 on this chart data). However, there are strong signs that the first conversion from a bear market to a bull market is coming. The Composite Index is about to cross above the slow-moving average, just as the Relative Strength Index is about to cross above the final oversold level at 65. This could generate substantial buying pressure and push SafeMoon price all the way to $0.0000030.
SafeMoon/USDT Daily Ichimoku Chart
However, SafeMoon is beholden to Bitcoin’s price action. The current bullish outlook for Safemoon price could easily be invalidated if Bitcoin were to experience a broad sell-off due to the Bitcoin futures ETF hype. Bearish sentiment for SafeMoon will return if there is a daily close of 0.0000015 or below.
Author
Jonathan Morgan
Independent Analyst
Jonathan has been working as an Independent future, forex, and cryptocurrency trader and analyst for 8 years. He also has been writing for the past 5 years.
