- SafeMoon price action has not seen investors flee its price action, with only a slight 3% loss over the weekend.
- SafeMoon bulls are set to break above the 23.6% Fibonacci level, above $0.0012236 and look for more upside potential.
- With demand high for cryptocurrencies, expect to see a return to $0.0015000 in the coming days.
SafeMoon (SAFEMOON) has been very close to breaking the $0.0010000 handle, but investors have stepped in at the last moment and pulled SafeMoon up around 13% already. There is more room for the upside as demand for cryptocurrencies enlarges due to the Russian market looking for alternative forms of payment that the West does not sanction. This will trigger more demand on the buy-side and could see SafeMoon price action stretch towards $0.0016016, holding 40% of positive pnl.
SafeMoon price could cover a lot of ground to the upside
SafeMoon price action did not see massive outflows over the weekend as the West introduced suffocating financial sanctions on Russia. Markets are now also starting to look beyond the decision to impose sanctions as the news has been fully digested around the globe. Although most risk assets are trading in the red, most of them are far away from the lows they had at the beginning of the session during the ASIA PAC time zone.
The same is true for SafeMoon as it looks to touch $0.0012236 possibly today, and could even pop above this level – the 23.6% Fibonacci level. A daily close above would undoubtedly deliver a solid buy-recommendation to the market as it will show that bulls are dictating price action. With the Relative Strength Index (RSI) still in oversold, it is about time a turnaround was due and may see investors buy back into price action.
SAFEMOON/USD daily chart
To the upside, the 200-day SMA at $0.0014698 or the significant historical level at $0.00161016 stand as possible targets but there is a chance bulls could get cut short if peace talks fail later today. Putin has set his nuclear weapon force on high alert, bringing a catastrophic shock through markets, and a dip back to $0.0010000 would be the logical outcome.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Ripple wipes out weekly gains, experts comment on role of Ripple stablecoin
Ripple declined to $0.52 on Thursday, erasing all gains registered earlier this week. Ripple SVP Eric van Miltenburg’s comments on the firm’s stablecoin, and how it is expected to benefit the XRP Ledger and native token XRP have raised concerns among crypto experts.
Hedera HBAR slips nearly 10% after air is cleared on mistaken link with giant BlackRock
HBAR price is down nearly 10% on Thursday, partly erasing gains inspired by the misinterpreted link with BlackRock. Despite the recent correction, Hedera’s price is up 44% in the past seven days.
The reason behind Bonk’s 105% rise and if you should buy now Premium
Bonk price has shot up 105% in the past five weeks. A retracement into $0.0000216 or the $0.0000152 to $0.0000186 imbalance would be a good buying opportunity. Patient investors can expect double-digit gains from BONK that could extend up to 70%.
Injective price weakness persists despite over 5.9 million INJ tokens burned
Injective price is trading with a bearish bias, stuck in the lower section of the market range. The bearish outlook abounds despite the network's deflationary efforts to pump the price. Coupled with broader market gloom, INJ token’s doomed days may not be over yet.
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?