• SafeMoon price nearly tags the descending triangle measured move target with a dramatic intra-day drop on August 16.
  • SAFEMOON fortunes improve if it can trade above the bullish hammer candlestick printed on August 16.
  • The 20-day simple moving average (SMA) and the 50-day SMA represent critical barriers to a sustainable trend.

SafeMoon price laid a bull trap on August 7 with the 39.59% gain and a daily close above the 20-day SMA at $0.00000259, the May 19 low of $0.00000261 and the descending triangle’s upper trend line. It was the best daily performance since May 6, but it was temporary, as SAFEMOON reverted to the downside on August 8 and quickly reached the triangle’s measured move of 57%. However, the bullish hammer candlestick pattern on the daily chart may signal exhaustion in selling interest and configure as the platform for an assertive rebound. 

SafeMoon price gets left behind, but hard times may be over

SafeMoon price fell 44% on August 16 at the intra-day low before staging a significant turnaround and closing down only -7.69%. The sharp reversal of fortune plotted a bullish hammer candlestick on the daily chart and rewarded SAFEMOON speculators with a new entry price based on the hammer’s high of $0.00000207.

Yesterday, SafeMoon price closed with an inside day on the bar charts. It is following up the consolidation with a tighter range today, hinting at renewed volatility in the days ahead.

If the compression resolves to the upside and SAFEMOON overcomes the hammer candlestick high at $0.00000207, the altcoin will face three layers of resistance, beginning with the 20-day SMA at $0.00000218. The next crucial level of resistance for SafeMoon price is the May 19 low of $0.00000261, which formed the support for the descending triangle pattern. It is followed by the 50-day SMA at $0.00000270. Once SAFEMOON can record a daily close above the 50-day SMA, speculators can consider longer duration positions.

SAFEMOON/USD daily chart

SAFEMOON/USDT daily chart

SafeMoon price is staging an upside breakout from a symmetrical triangle pattern on the four-hour chart for the short-term operators. The measured move of the triangle pattern is 41%, projecting a profit target of $0.00000246. A test of the profit target would position SAFEMOON at the 200 four-hour SMA at $0.00000245 but below the May 19 low and the 50-day SMA.

SAFEMOON/USDT 4-hour chart

SAFEMOON/USDT 4-hour chart

The breakout from the symmetrical triangle is a bullish development for SafeMoon price, shifting the attention to better outcomes for the altcoin if the cryptocurrency can shake the chronic weakness. However, unless SAFEMOON can rally above the 50-day SMA at $0.00000270 on a daily closing basis, the emerging cosmic opportunity will be for the short-term speculators and not for the position-orientated investors with a long term horizon/interest in SAFEMOON.

Here, FXStreet's analysts evaluate where SAFEMOON could be heading next as it looks bearish from a technical perspective.


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

Solana price eyes a return to $120 as confidence in SOL fades

Solana price continues to face some strong technically and fundamentally bearish scenarios. In addition, concerns about Solana’s network stability and scalability remain. Those concerns continue to weigh in on the bearish price action ahead.

More Solana news

MATIC on the march to $3 but must hold this support zone or face strong selling pressure

MATIC price action has fallen below the rising wedge for the second time in January; the first occurrence was on January 8. The Kijun-Sen is the final support zone, and if it fails, MATIC could drop 20%. The recent fundamentals are bullish.

More Polygon news

Top 3 Price Prediction: Crypto market seems ready to rally

Bitcoin price continues to sit on top of the neckline of a head-and-shoulders pattern, generating anxiety amongst bulls and bears alike. Ethereum price is testing the daily Tenkan-Sen as a support zone that could turn into a higher low.

More Bitcoin news

Dogecoin liquidity deepens as DOGE goes live on Thorchain

Thorchain announced earlier today that the Dogecoin liquidity pool is live on the decentralized liquidity network. As on-chain activity would increase, the deep liquidity fuels a bullish narrative for Dogecoin price. 

More Dogecoin News

BTC eyes retest of $50,000

Bitcoin price shows a resurgence of retail interest as it bounced off a crucial psychological level. The recent uptrend is preparing a base on a short-term time frame so BTC can kick-start a larger leg-up. Interestingly, on-chain metrics are lining up with the bullish outlook portrayed from a technical perspective. An uptrend now seems inevitable for BTC and, therefore, the larger ecosystem.

Read full analysis