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SafeMoon price consolidates before another 50% rally

  • 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.

Author

Akash Girimath

Akash Girimath is a Mechanical Engineer interested in the chaos of the financial markets. Trying to make sense of this convoluted yet fascinating space, he switched his engineering job to become a crypto reporter and analyst.

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