- 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
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.
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?