|

SafeMoon price hits rock bottom, 45% advance likely

  • SafeMoon price suffered a 63% fatal crash on December 4 and set up a swing low at $0.000000811.
  • This downswing collected liquidity resting below $0.00000108 swing low, priming SAFEMOON for a 45% upswing to $0.00000228.
  • A breakdown of the $0.000000617 support level will invalidate the bullish thesis.

SafeMoon price has failed to hold up as the market crashed on December 4. This downswing pushed the altcoin down below a crucial support floor and into an oversold territory, suggesting that a bullish outlook is around the corner.

SafeMoon price tries to recover

SafeMoon price crashed 63% on December 4 and sliced through the September 28 swing low at $0.00000104, collecting liquidity resting below it. The severe crash and the correction serve as a perfect combination to kick-start an upswing.

So far, SafeMoon price has rallied 103% to where it currently stands - $0.00000165. Going forward, investors can expect SAFEMOOON to continue recovering its losses and tag the immediate resistance level at $0.0000022. This run-up would constitute a 45% climb and indicate that the bulls are back.

In some cases, the climb could extend well beyond the said barrier, allowing SafeMoon price to revisit the $0.00000287 hurdle. In total, the advance from $0.00000165 to $0.00000287 would represent a whopping 80% gain.

Therefore, investors need to pay close attention to the SAFEMOON price action over the next few days as it could provide users with a huge opportunity to realize profits.

SAFEMOON/USDT 1-day chart

SAFEMOON/USDT 1-day chart

While things are looking up for SafeMoon price, the upswing could fail to sustain, knocking the altcoin back to $0.00000108. In this scenario, if the bearish momentum pushes SAFEMOON to produce a lower low below $0.000000617, it will invalidate the bullish thesis outlined above.

Author

Akash Girimath

Akash Girimath is a Mechanical Engineer interested in the chaos of the financial markets. Trying to make sense of this convoluted yet fascinating space, he switched his engineering job to become a crypto reporter and analyst.

More from Akash Girimath
Share:

Editor's Picks

Bitcoin hits $85,000 as rally gains momentum, but liquidity risks linger

Bitcoin claims the $85,000 level on Monday after gaining 5.64% and closing above the 50-week SMA at $78,200 the previous week. US-listed spot Bitcoin ETFs recorded mild $6.21 million inflows last week, showing resilience despite the CLARITY Act setback and hawkish Fed outlook.

Ripple extends rally toward $1.50 as derivatives activity rises despite ETF outflows

Ripple (XRP) holds a strong bullish picture, rising to trade near $1.50 on Monday. The remittance token marks four consecutive days of gains, supported by robust momentum indicators and increased risk appetite in the broader cryptocurrency market.

Crypto Today: Bitcoin, Ethereum, XRP hold bullish outlook amid improving ETF inflows

Cryptocurrencies are broadly rising on Monday, led by Bitcoin’s (BTC) surge to $85,000. Altcoins are following BTC’s bullish trend, with Ethereum (ETH) trading above $2,700 and Ripple (XRP) holding steady at $1.47.

Pi Network rebound gains steam on broader market recovery

Pi Network is up 4% on Monday, advancing its near-term recovery after a 2% rebound the previous day. The broader cryptocurrency market's recovery, with Bitcoin hitting an eight-month high of $85,000, is boosting investors’ risk appetite for high-risk crypto assets like the PI token.

Bitcoin: BTC shrugs off CLARITY Act setback and hawkish Fed
Bitcoin (BTC) price action has remained resilient this week, trading above $78,000 at the time of writing on Friday, heading toward a key resistance zone. Institutional demand shows early signs of weakness, with spot Exchange Traded Funds (ETFs) on track for a second straight week of outflows, with over $420 million recorded through Thursday amid escalating Middle East tensions.