- 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
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.
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