|

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

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.

More from Jonathan Morgan
Share:

Editor's Picks

Dogecoin Price Forecast: Smart money flees DOGE, exposing a 12% downside risk

Dogecoin price hovers around $0.0850 at press time on Monday, keeping steady after a 5% rebound the previous day from the February 6 low at $0.08000. On-chain data show that large-wallet investors with 100 million to 1 billion DOGE have reduced their holdings to a five-month low, providing the downside pressure.

Cardano Price Forecast: ADA downtrend persists as bearish setup caps whale-backed rebound 

Cardano remains under pressure, trading below $0.170 on Monday after a massive correction in the previous week. The bearish price action is supported by the uncertainty surrounding Charles Hoskinson’s remarks last week, which weighed heavily on market sentiment.

Crypto Overview: Zcash, Bittensor, and Ethereum stall after a mild rebound

The broader cryptocurrency market shows a stalled rebound after Friday's crash linked to the US Jobs data release. Bitcoin hovers above $63,000 at press time on Monday, while Zcash, Bittensor, and Ethereum emerge as top performers over the last 24 hours.

Top 3 Price Prediction: Bitcoin, Ethereum, Ripple – BTC under pressure, ETH breaks support, XRP weakens targets $1
Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) remain under pressure at the start of this week after losing more than 14%, 15%, and 13%, respectively, in the previous week. BTC struggles below $63,000, ETH loses key support zones, while XRP’s momentum indicators continue to favor further downside.
Bitcoin: After the bloodbath, everyone looks at $60,000
Bitcoin (BTC) hovers above $62,000 at the time of writing on Friday, weighed down by growing risk-off sentiment due to persistent geopolitical tensions in the Middle East and sticky macroeconomic uncertainty. The institutional sell-off continued to wreak havoc on capital flows, with spot Bitcoin Exchange-Traded Funds (ETFs) recording billions in outflows.