- Safemoon price saw 111% of gains in just one week.
- With the renewed media attention, more buyers are attracted, and buy-side volume is picking up.
- When bulls can break $0.000004, expect the uptrend to hit $0.00000489$.
Safemoon (SAFEMOON) price has been in an uptrend throughout October and attracted much media attention after gaining just 111% of market value in a couple of days. With that renewed attention, more buyers, both retail and institutional, are buying Safemoon.
Safemoon price sees buy-side volume explode
Safemoon price has been on a good uptrend throughout October. But the uptrend accelerated after bulls broke and consolidated price above the 78.6% Fibonacci level at $0.00000296. The renewed media attention for Safemoon has created a favorable tailwind that now sees momentum building for a breakout in favor of the bulls. As the buy-side volume exploded in the past couple of days, expect the cap at $0.00000400 to break and a test of $0.00000489.
Safemoon price looks to be well-respecting the Fibonacci retracement from the all-time low towards the high from May. The white rectangles on the chart highlight interesting technical levels that fall in line with the different Fibonacci levels. This builds the case that with the current Safemoon price, the uptrend has still 45% of additional profits to go before hitting the next Fibonacci level to the upside.
SAFEMOON/USD daily chart
As the current volume comes in on the back of significant media attention, expect this volume to potentially decline should the favorable tailwinds start to fade. Expect Safemoon price to quickly retest circa $0.00000296 and the green ascending trend line, which is the backbone of the current uptrend. A break below that ascending trend line would see Safemoon price quickly nose dive to $0.00000050.
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
Google, Apple could remove Binance from their app store on Philippines SEC request
The Philippines SEC has requested Google and Apple to remove applications controlled by Binance from their App stores. The exchange’s Philippines-based users are finding the exchange inaccessible to remove their funds.
XRP rallies as Ripple slams SEC for penalties, asks regulator to establish likelihood of future violations
Ripple filed its response to the SEC lawsuit on Monday, arguing that XRP institutional sales before and after the court ruling show no disregard for the law. The firm asks for a civil penalty of no more than $10 million against the $2 billion requested by the SEC.
Here’s why Ondo price hit new ATH amid bearish market outlook Premium
Ondo price shows no signs of slowing down after setting up an all-time high (ATH) at $1.05 on March 31. This development is likely to be followed by a correction and ATH but not necessarily in that order.
PENDLE price soars 10% after Arthur Hayes’ optimism on Pendle derivative exchange
Pendle price is among the top performers in the cryptocurrency market today, posting double-digit gains. Its peers in the altcoin space are not as forthcoming even as the market enjoys bullish sentiment inspired by Bitcoin (BTC) price.
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?