- SafeMoon bulls broke an important downtrend element.
- With an uptrend trend line respected at $0.00000118, bulls look to gain the upper hand.
- With the RSI at 50, bulls should face not that much resistance short term to book some gains.
SafeMoon (SAFEMOON) price is finally showing some divergence after six consecutive weeks of the downtrend in SAFEMOON price action. Bulls can defend a crucial level at $0.00000118, which is the crossroad between the downtrend and the start of the uptrend. Bulls have the power to run SafeMoon price toward $0.00000296.
SafeMoon bulls are at the crossroads to start a bull run toward $0.00000296
SafeMoon price action was stuck in a downtrend for six consecutive weeks. Bulls are proving to be resilient as SafeMoon price is catching a bid in a very competitive market where risk-off seems to be the theme these past few days. The uptrend and downtrend cross each other at $0.00000118, which bulls are succeeding at defending right now.
With the significance of $0.00000118, bulls have two perfect entry points here. One is the red descending trend line that acted as the guide in the downtrend these past few weeks. And to the upside, the green ascending trend line was causing a squeeze. With those two elements now in favor of the bulls in SafeMoon price action, the road looks paved with gold toward $0.00000296, the 78.6% Fibonacci level.
SAFEMOON/USD weekly chart
Expect bulls to have some issues with the 5-day Simple Moving Average (SMA) at $0.00000158 as it has already put a cap on the price action to the upside. But the Relative Strength Index (RSI) is solid around 50, making it a good case that bulls need to match the seller's action around that level. Further up, it should be smooth sailing toward that $0.00000296.
With market sentiment very choppy, expect a souring mood in global markets to make bulls cut their positions in a take-the-money-and-run scenario. That would spell good news for bears in SafeMoon price action and trigger a break below the green ascending trend line.
Like this article? Help us with some feedback by answering this survey:
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
Dogecoin surges to $0.20 as meme coins outperform broader crypto market
Dogecoin (DOGE) is rising alongside other major cryptocurrencies to trade at around $0.1990 on Friday. Interest in the largest meme coin is at an elevated level, approaching the highs seen in May, when DOGE rallied to $0.2597.
Crypto Today: Bitcoin explodes toward $120,000, igniting interest in Ethereum and XRP
The cryptocurrency market is beaming with anticipation of an extended rally, particularly in the price of Bitcoin (BTC), which has skyrocketed this week, hitting a new historical high of $118,870 on Friday.
Bitcoin Weekly Forecast: BTC hits new all-time high and enters price discovery mode
Bitcoin price prints a fresh all-time high near $118,900 on Friday, with bulls eyeing $120,000 as the next key milestone. Corporate and institutional demand remains robust, with spot Bitcoin ETFs recording a total of $1.69 billion this week as of Thursday.
Ethena records double-digit gains amid Upbit listing, Coinbase partnership
Ethena (ENA) edges higher by 20% at press time on Friday, printing its fourth consecutive bullish day. The surge in buying pressure could be triggered by the increased volumes from the Korean market after the Upbit listing on Friday.
Bitcoin: BTC hits new all-time high and enters price discovery mode
Bitcoin (BTC) price prints a new all-time high near $118,900 on Friday, entering uncharted territory as bullish momentum accelerates.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.