- SafeMoon price continues to compress, creating the basis for an extreme price expansion when resolved.
- Safe Earn took to the decentralized finance (DeFi) space with great fanfare in the first 72 hours after launch, creating the first double reflection token.
- FOMO remains absent from the cryptocurrency market, as SAFEMOON social volume has not budged on a smoothed basis.
SafeMoon price took the cryptocurrency by storm following its inception in March, with a run of over 19,000% in the early weeks. Since the massive rally and resulting crash, SAFEMOON has been trending sideways, suggesting it is forming an actionable bottom.
SAFEMOON adoption to benefit from the Safe Earn money project
Safe Earn is the first mover of double reflection tokens by acting as an earning platform. It rewards SafeMoon tokens to Safearn holders at a rate of 8.5%, and those holders are eligible to benefit from the current SafeMoon standard reflections of 5%. The result is 13.5% in rewards, greater profits and broader adoption of SAFEMOON in the cryptocurrency complex.
Instead of the standard 5% reflection given out by SafeMoon already, Safe Earn ups that number to 13.5% in rewards. It’s an extremely new way to nearly triple your earnings.
Safe Earn ran several giveaways to strengthen the launch, with one offering $10,000 USDT to anyone that could get SafeMoon to mention them publicly. It lead to an explosion on SafeMoon’s hashtags.
Safe Earn fills a gap in the decentralization space (DeFi) space. It is a unique opportunity for cryptocurrency investors seeking an alternative source of return in SAFEMOON, particularly valuable when the market has been trending sideways.
SafeMoon has endorsed Safe Earn.
SafeMoon price begs for FOMO as it stumbles near the lows
When there is the phenomenon of fear of missing out (FOMO) in the financial markets, investors seek quick, outsized returns, and social media can accelerate the craze. When SAFEMOON first came to the market in March, there was limited interest in social media. Still, it soon jumped in April, driving SafeMoon price higher and rewarding early adopters with huge returns.
Social media volume, tracked by Santiment, continued at higher levels after the crash in April and into the May highs. Still, it has since fallen into a low range that has remained consistent since early June, despite the SAFEMOON bounces.
The Santiment Social Volume metric tracks the number of mentions of SAFEMOON on 1000+ crypto social media channels, including Telegram groups, crypto subreddits, discord groups and private traders chats.
SAFEMOON Social Volume - Santiment
A sustainable rally will not emerge without the benefit of social media. Still, the renewal of a bid in the cryptocurrency market over the last eight days may convince investors to explore the frontier digital tokens, creating a new rush.
SafeMoon price coils for an explosive move
Since the May correction, SafeMoon price has shaped a descending triangle pattern that is nearing the apex. The downward trajectory enforced by the triangle pattern and the 20-day simple moving average (SMA) has left SAFEMoon near a resolution.
The tightening of SafeMoon price has contracted the Bollinger Bands and, as a result, pushed the Bollinger Band Width (BBW) to the lowest level since April, creating a unique opportunity to target an outsized move.
The measured move of the descending triangle pattern is 57%, projecting a downside price target of $0.00000111. To activate the pattern, SafeMoon price needs to log a daily close below the May 19 low of $0.00000261, something the altcoin failed to achieve on June 22, July 19, July 20 and July 26. Today, SAFEMOON did briefly trade below the level.
The upside measured move price target is $0.00000504. An official breakout is recorded when SafeMoon price can overcome the 20-day SMA at $0.00000289, the resistance of the triangle’s upper trend line at $0.00000318 and the 50-day SMA at $0.00000340.
Regarding the timing of the 57% move, it appears imminent as the BBW width is near the tightest reading since the pattern began developing, and SafeMoon price is closing in on the apex of the triangle formation.
SAFEMOON/USD daily chart
If the pattern resolves to the upside, use the SAFEMOON triangle’s horizontal support line as a stop in the case of a throwback. Alternatively, use the triangle’s upper trend line as a stop for any pullbacks after breaking down.
For a rookie cryptocurrency, adoption is critical, and the Safe Earn project provides a source of endorsement by rewarding Safearn holders with SAFEMOON tokens. As the user base grows, so will the social media traffic and perhaps the basis for a renewed rally as SafeMoon price is in the sweet spot for a substantial move.