• SafeMoon price continued its breakout from the falling wedge and reached its forecasted target at $0.00000182.
  • Investors can expect SAFEMOON to consolidate before attempting to run for the buy-stop liquidity resting above the $0.00000239 resistance level.
  • A lower low below $0.00000140 will invalidate the bullish thesis, potentially triggering further descent.

SafeMoon price was traversing a falling wedge pattern since September 6 but broke out of it on September 29. Although the run-up from this point pushed it very close to its theoretical targets, SAFEMOON has another leg-up under its sleeve.

SafeMoon price looks to continue its climb

SafeMoon price set up three lower highs and lower lows since September 6. Drawing trend lines connecting these swing points results in the formation of a falling wedge. This technical formation has a bullish bias and forecasts a 40% upswing to $.00000181, determined by measuring the distance between the first swing high and swing low and adding it to the breakout point.

SafeMoon price broke out on September 29 and came very close to hitting the intended target. Regardless, SAFEMOON is consolidating between $0.00000181 and $0.00000140, anticipating another leg-up.

While this is bullish, SafeMoon price needs to hold above $0.00000140 for the optimistic outlook to come to light. Doing so will allow the altcoin to shatter $0.000000181 and make a run at the buy-stop liquidity resting above the September 4 swing high at $0.00000240. This climb would constitute a 54% ascent from its current position.

SAFEMOON/USDT 1-day chart

SAFEMOON/USDT 1-day chart

On the other hand, if SafeMoon price slices through the $0.00000140, it will create a lower low below the October 4 swing low, shifting the probability toward the bears. Such a move will invalidate the bullish thesis and could trigger a further sell-off to $0.00000130 or $0.00000110.

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.

Cryptos feed

Latest Crypto News

Latest Crypto News & Analysis

Editors’ Picks

Largest DeFi exploit of 2022 wipes out $80 million from Qubit's Ethereum-BSC bridge

Ethereum-BSC bridge of Qubit Finance suffered a hack to the tune of $80 million in the largest DeFi exploit of 2022. Hackers exploited the "deposit" function to steal cryptocurrencies from Qubit Finance. 

More Ethereum News

Decentraland bulls go against the bearish trend, targeting $2.60

Decentraland (MANA) price has been on the front foot in a challenging market environment. MANA bulls look ready to eke out  28% of gains for this week after the price lifted from the 200-day Simple Moving Average (SMA) and is now set to pop and stay above the monthly S1 support level.

More Decentraland News

Charles Hoskinson awaits launch of Vaccuumlabs DEX on the Cardano network

Cardano network activity hit a peak with a spike in transactions on the network. Charles Hoskinson, the CEO of IOHK, is awaiting the launch of Vaccuumlab's DEX on the Cardano network. 

More Cardano News

Why Bitcoin has entered a new bear market

Bitcoin price has tumbled to a multi-month low below $33,000, as the leading cryptocurrency loses 50% of its value from its all-time high in November 2021. This marks the second-worst sell-off since the bear market that spanned from 2018 to 2020. 

More Bitcoin News

Bitcoin: Federal Reserve cannot tame BTC’s uptrend

Bitcoin experienced some significant losses over the past few weeks, with a more dramatic drop occurring this week after the Fed’s decision was announced. As losses have extended and Bitcoin has entered into the $30,000 zone, concerns regarding BTC being in a bear market have increased.

Read full analysis