SafeMoon price has additional room to rise after the four-day blistering rally
- SAFEMOON price looks to the moon after a series of encouraging tweets.
- Bulls flirt with record highs, with eyes on $0.000010.
- RSI probes overbought zone on the daily chart.
After a crash witnessed towards the end of last month, SAFEMOON buyers have returned in the first week of May, showcasing a stellar performance.
The price is up nearly 13% in the past 24 hours while adding about 6% over the last hour, holding near record highs at $0.0000084.
The blistering rally in SafeMoon got triggered following a tweet by the auto-generating liquidity protocol, citing: Incredible! #SAFEMOON now has more watchers on @CoinMarketCap than #BTC THANK YOU!
The SAFEMOON price caught a fresh bid-wave on Friday after yet another tweet from SafeMoon, announcing that there are “1.7 MILLION #SAFEMOON HOLDERS!”
The cherry on the cake was the tweet, which was represented by emojis, showing that the price is likely to rocket towards the moon.
SAFEMOON/USD: Targets $0.000010 if the 123.6% Fibo level is taken out
SAFEMOON bulls are catching a breath before building strength for another record run.
Immediate resistance is aligned at $0.0000086, which the Fibonacci 123.6% of the sell-off from April 20 high to May 2 low.
A daily close above the mentioned resistance could power the bulls to challenge the 150% Fibo level of the same slide, placed at $0.000010.
Further upside appears elusive, as the relative strength index (RSI) has already sneaked into the overbought territory, currently at 70.44.
SAFEMOON/USD: Daily chart
Any retracement is likely to meet the initial demand at Friday’s low of $0.0000071.
Sellers could then target the 78.6% Fibo level at $0.0000064 if the corrective downside gathers steam.
Acceptance under the 61.8% Fibo level at $0.0000056 could negate the bullish momentum in the near term.
Author
Dhwani Mehta
FXStreet
Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.
