|

SafeMoon investors will not enjoy the Christmas party

  • SafeMoon prices look ready to close the week with a 40% loss. 
  • SafeMoon even sees downside pressure accelerating as the trend becomes steeper. 
  • A break below $0.00000103 would see a quick acceleration to the all-time low of $0.00000050.

SafeMoon (SAFEMOON) price is under selling pressure as investors pull the plug on their investments amidst meandering price action. SafeMoon price is seeing accelerated selling as the downtrend becomes even steeper. Expect a further squeeze to the downside with a possible break below $0.00000103, the low from May, resulting in a test and break of the all-time low at $0.00000050.

SafeMoon price could break the all-time low

SafeMoon price has taken a hit these past few days, as more and more investors turn away from cryptocurrencies. Investments are being pulled after losses keep piling up with no positive returns insight. This trickles into an accelerated sell-off that is squeezing the remaining bulls against $0.00000103, which could be set for a break and a test of $0.00000050.

Expect price action to stay topped by the purple descending trend line that has been well respected since the beginning of December, not taking into account a false breakout. With more and more tests of $0.00000103, expect the remaining bulls to give way soon, which will result in a 50% drop in price towards $0.00000050. From there, the pain might not be over yet and expect SafeMoon price to devalue even more if current selling pressure keeps persisting as a global headwind in cryptocurrencies.

SAFEMOON/USD daily chart

SAFEMOON/USD daily chart

The only thing that could turn this negative spiral around is if investors come into the market in strength and buy everything in sight. A buying frenzy would create a tailwind that would see positive numbers across the board for cryptocurrencies and attract more investors into SafeMoon. A first break above the purple top line would target $0.00000200, intersecting with the red descending trend line. If the inflow of investors even then keeps persisting, expect $0.00000300 to be the possible profit level where investors could start taking profit.

Author

Filip Lagaart

Filip Lagaart is a former sales/trader with over 15 years of financial markets expertise under its belt.

More from Filip Lagaart
Share:

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

By subscribing you agree to our Terms and conditions.

Editor's Picks

Ripple faces persistent bear risks, shrugging off ETF inflows

Ripple is extending its decline for the second consecutive day, trading at $2.06 at the time of writing on Friday. Sentiment surrounding the cross-border remittance token continues to lag despite steady inflows into XRP spot ETFs. 

Luna Classic soars 20% as Do Kwon's sentence hearing looms

Luna Classic surges 20% on Friday, extending its recovery for the fourth consecutive day. Roughly 959 million tokens have been burned in December so far, fueling LUNC's recovery.

Crypto Today: Bitcoin, Ethereum, XRP pare gains despite increasing hopes of upcoming Fed rate cut

Bitcoin (BTC) is steadying above $91,000 at the time of writing on Friday. Resistance at $94,150 capped recovery on Wednesday, but in the meantime, bulls have contained downside risks above $90,000. 

Ethereum strengthens against BTC post-Fusaka, targeting $3,200 breakout

Ethereum trades above $3,100 on Friday, with bulls aiming for a breakout above a two-month-old resistance trendline. Ethereum gains strength against Bitcoin as demand for the major altcoin increases after the Fusaka upgrade.

Orange Juice Newsletter – Smart insights by real people. Every day.

A free newsletter highlighting key market trends to help traders stay a step ahead. Daily insights on the most relevant trading topics, compiled by our experts in an easy-to-read format so you never miss an important move.

Crypto Today: Bitcoin, Ethereum, XRP pare gains despite increasing hopes of upcoming Fed rate cut

Bitcoin (BTC) is steadying above $91,000 at the time of writing on Friday. Resistance at $94,150 capped recovery on Wednesday, but in the meantime, bulls have contained downside risks above $90,000.