- SafeMoon price has been stuck moving sideways for roughly a week with no signs of a directional bias.
- A dip into the high probability reversal zone, extending from $0.000000965 to $0.00000118 will allow investors to accumulate SAFEMOON at a discount.
- A breakdown of the range low at $0.000000700 will invalidate the bullish thesis.
SafeMoon price has seen its recovery stop dead in its tracks as it has been stuck in a consolidation since December 13. The sideways movement will likely dip lower to stable support levels before heading higher. This brief retracement can be used by sidelined buyers to accumulate SAFEMOON.
SafeMoon price is a wild card
SafeMoon price dropped 70% on December 4, creating a swing low at $0.000000700 as the crypto markets collapsed. The recovery from this crash pushed SAFEMOON up by 179% to create a range high at $0.00000196.
SafeMoon price retraced another 28%, however, to set a swing low at $0.00000140, marking the start of a prolonged consolidation. Since December 13, SAFEMOON has shown no inclination to move higher or lower, indicating a lack of investor confidence.
As mentioned earlier, SafeMoon price could dip lower into a high probability reversal zone, ranging from $0.000000965 to $0.00000118. A retest of this area will allow buyers to gather the altcoin at a deep discount, triggering short-term bullish momentum. As a result, SafeMoon price could rally 66%, retesting the range high at $0.00000196.
SAFEMOON/USDT 4-hour chart
Investors need to note that the bullish thesis detailed revolves around the assumption that buyers will step in around the high probability reversal zone. If there is widespread panic in the crypto markets, however, the bullish momentum will lack the ability to propel SafeMoon prices higher.
In such a case, SafeMoon price will likely retest the range low at $0.000000700, a breakdown of which will invalidate the bullish thesis. This development will open the doors for bears to set up an all-time low.
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
Ethereum fees drops to lowest level since October, ETH sustains above $3,200
Ethereum’s high transaction fees has been a sticky issue for the blockchain in the past. This led to Layer 2 chains and scaling solutions developing alternatives for users looking to transact at a lower cost.
Solana, Base and AI meme coins rally, are speculative tokens making a comeback?
Meme coins are typically considered more speculative than the rest of cryptocurrency categories. Despite the label, hedge funds and institutional investors have warmed up to meme coins this cycle.
RWA narrative could make a comeback after nearly 50% correction in CFG, ONDO, MKR
Bitcoin halving and developments in the AI sector are the key narratives this cycle. The Real World Asset (RWA) tokenization narrative gathered steam with BlackRock’s tokenized asset fund launch on Ethereum in March 2024.
These cryptocurrencies could face selling pressure according to an analyst: STRK, ENA, OMNI, JUP, ONDO
Thor Hartvigsen, investor at Heartcore Capital and a crypto analyst has identified a list of cryptocurrencies that are expected to see a massive increase in their supply. Typically, an increase in selling pressure negatively impacts an asset’s price.
Bitcoin: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s (BTC) recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.