- SafeMoon price trend has been consolidating in the past few weeks, creating lower highs and lower lows.
- SAFEMOON rallied after its CEO revealed the project’s involvement in the Dogecoin and SpaceX partnership.
- Now, the asset is ready for a strong rebound following a period of underperformance.
SafeMoon price has broken out of a parallel channel that has sealed the asset in consolidation since May 25. The rise in SAFEMOON has been propelled by CEO John Karony after he revealed a significant involvement in the cryptocurrency space.
SafeMoon price rallies on accelerated interest
SafeMoon price has been freed from the declining resistance trend line that has kept SAFEMOON locked in consolidation in the past weeks.
SafeMoon CEO John Karony recently revealed on social media that the project’s chief blockchain officer was involved in the Dogecoin and SpaceX partnership. He stated:
We have no issues with Dogecoin. Fun fact, the SafeMoon chief blockchain officer was involved with the Dogecoin x SpaceX partnership.
SafeMoon price reached a breakout high of $0.00000490 following the announcement. SAFEMOON appears to have broken out of the descending parallel channel that has trapped the cryptocurrency since late May.
On the 4-hour chart, SafeMoon has shifted the 50 four-hour moving average from resistance to support, surging further above the critical descending resistance trend line and even above the 100 four-hour moving average.
Now, SAFEMOON has risen above the 23.6% Fibonacci extension level, which acts as the first line of defense for the asset. SafeMoon must hold this level as support before the reversal of fortune could be validated.
SAFEMOON/USDt 4-hour chart
Based on the governing technical pattern, an upside target could be measured for SafeMoon. By drawing a parallel channel above, a target of a 17% upswing for SAFEMOON could be expected, reaching $0.00000552. This measured target coincides with the 200 four-hour moving average, adding credence to the bullish thesis.
However, if SafeMoon loses the 23.6% Fibonacci extension level as support, SAFEMOON price could fall to retest 100 four-hour moving average at $0.00000426 before dropping to the upper trend line of the existing parallel channel at $0.00000403. This support level further coincides with the 50 four-hour moving average, acting as a critical line of defense.
Should SafeMoon fail to galvanize investors’ enthusiasm and witness a decline in buying pressure, SAFEMOON could retest the middle boundary of the parallel channel at $0.00000348.
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.
Latest Crypto News & Analysis
Editors’ Picks
Bitcoin and altcoins correct before another run-up
Bitcoin price retested the range high during its recent exponential upswing and the altcoins followed suit. However, this uptrend is running out of steam and is retracing as investors continue to book profits.
Dogecoin anticipates 20% drop in favor of bears
Dogecoin price has appeared to have shown a technical pattern that suggests a bearish forecast, with a target of nearly 20% in favor of the bears. DOGE is little room to move on the upside, with a great deal of resistances obstructing any bullish momentum.
What is Ethereum EIP-1559 and how will it affect ETH price?
The second-largest blockchain network in the world, Ethereum, is expecting to witness its London hard fork on August 4 that would change the way that transactions are processed. Its native token, Ether, would also see a reduction in supply, which could see a spike in ETH price.
Stellar contemplates introducing AMMs as XLM price eyes retest of $0.303
XLM price is consolidating in an uptrend after a sharp upswing ended on July 23. A pullback seems likely before the new leg-up begins. Therefore, investors can expect Stellar to retrace to crucial support levels.
Bitcoin Weekly Forecast: Markets revert to mean, but BTC price remains indecisive
Bitcoin price shows considerable strength after springing from the recent crashes. Still, it is uncertain whether the current bullish impulse will morph into a new uptrend or lead to a more profound decline.