|

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:

Editor's Picks

Crypto Today: Bitcoin, Ethereum, XRP recovery slows amid incessant capital outflows

The cryptocurrency remains in a broader corrective bias on Friday, despite majors such as Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) holding slightly higher than early-week support levels.

Cardano: Whale selling, cautious derivatives limit ADA rebound

Cardano is trading near $0.170 at the time of writing on Friday after staging a modest rebound from last week's sharp correction. However, the recovery remains fragile as large holders have resumed reducing their positions, adding fresh selling pressure to ADA.

Experts agree: Bitcoin nears bottom, but weak demand raises doubts

Bitcoin (BTC) is trading above $63,000 at the time of writing on Friday after rebounding from the key 200-week Simple Moving Average (SMA) near $62,000, a level widely viewed as key long-term support.

Pi Network Price Forecast: Bulls attempt comeback as bearish strength fades

Pi Network is trading at around $0.120 on Friday after a modest recovery the previous day. Despite this recent rebound, traders should be cautious as a scheduled unlock of 14.8 million PI tokens on Friday could limit the token's recovery potential by increasing market supply.

Experts agree: Bitcoin nears bottom, but weak demand raises doubts
Bitcoin (BTC) is trading above $63,000 at the time of writing on Friday after rebounding from the key 200-week Simple Moving Average (SMA) near $62,000, a level widely viewed as key long-term support. The recovery may suggest that Bitcoin has found a floor after a sharp correction that spanned more than a month, but some warning signs persist.