SafeMoon price doomed to fall by more than 40%
- SafeMoon price action has been muted over the past few months.
- Traction has been momentary as the altcoin reached a swing high of $0.00000401.
- However, SafeMoon was unable to break above the technical pattern and could now be headed for a 40% drop.
SafeMoon price continues to trend sideways as it is sealed in a consolidation pattern, with little hope of moving higher. SAFEMOON could be headed for a 40% drop as buyers are nowhere to be found.
SafeMoon price is going nowhere
SafeMoon price action has been uneventful as it continues to move within a descending parallel channel pattern on the daily chart. SAFEMOON appears to have lost momentum as there is little chance for the altcoin to bounce back.
In fact, SafeMoon price could be awaiting a steep drop, as trading volume has diminished, which means investors are uninterested in SAFEMOON.
The bears could aim for a 41% plunge to $0.00000113, as this level acts as the next significant level of support for SafeMoon price.
Further selling pressure could even push SAFEMOON lower to tag the April 10 low at $0.00000065. Only an astonishing turn of events that incentivizes an extended move to the downside could see SafeMoon price hitting the lower boundary of the parallel channel at $0.00000048.
SAFEMOON/USDT daily chart
The following hurdle for SafeMoon price is at the 20-day and 50-day Simple Moving Averages (SMAs) that coincide at $0.00000231. Only a significant push to the upside accompanied by an uptick in buying pressure would see SAFEMOON attempt to tag the 100-day SMA at $0.00000281.
Should the bulls aim for bigger aspirations, SafeMoon price could reach the topside trend line of the parallel channel, which sits near the 23.6% Fibonacci retracement level at $0.00000360.
Given the lackluster performance of SafeMoon price over the past few months, higher levels are not expected at the moment. In fact, SAFEMOON will most likely continue trending within the prevailing chart pattern.
Author
Sarah Tran
Independent Analyst
Sarah has closely followed the growth of blockchain technology and its adoption since 2016.
