• SafeMoon price has collapsed into a descending channel as notable weakness in the cryptocurrency complex weighs.
  • SAFEMOON 50 four-hour simple moving average (SMA) unable to take the role of support full-time.
  • #SafemoonSqueeze might be a top trend on Twitter, but the SafeMoon price reaction has been muted.

SafeMoon price may have made the turn higher, but traction has been momentary, not resulting in a sustainable, superior rush higher. Instead, SAFEMOON prefers to get locked in descending channels with no visible clues as to directional intentions. Thus, until the meme token can overcome the June 18 high, investors are better positioned in cash.

SafeMoon price pump does not get any quality jump

In a spirited attempt to induce a campaign to “pop off” SafeMoon price, Reddit user posted “GMEandAMCbroughtme” on r/SatoshiStreetBets, where they encouraged SAFEMOON followers to create a crypto version of Gamestop and AMC. Unfortunately, the “biggest squeeze of all time” has not materialized as the altcoin has continued to be influenced by the weakness in the cryptocurrency complex, continuing a descending channel going back to June 15.  

The rising 50 four-hour SMA did not provide support over the last few days, a disappointing technical development for SafeMoon price and an indication that SAFEMOON was not ready for aspirations of a higher price. 

The first line of defense for SafeMoon price is the crossing of the May 25 declining trend line that was fractured on the June 13 uptick and the June 8 low of $0.000000326. A failure to hold will release SAFEMOON to test the May 23 low of $0.00000285, and if the cryptocurrency market remains in a downtrend, investors should expect a test of the May 19 panic low of $0.00000261. In the worst-case scenario, a sweep of the May 19 low would be a 25% decline from the current price.

SAFEMOON/USDT 4-hour chart

SAFEMOON/USDT 4-hour chart

A close above the falling 200 four-hour SMA at $0.00000458 would alleviate the SafeMoon price uncertainty and allow SAFEMOON to rediscover the early uptrend detained by the broader market weakness. Yes, it is a 30% gain from the current price. Still, it is cheap insurance to pay for a higher probability entry to seize on a significant advance to at least the 50% Fibonacci retracement of the May correction at $0.00000731.

Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Cryptos feed Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Bitcoin Weekly Forecast: If bulls are back, this is where you can accumulate BTC next

Bitcoin Weekly Forecast: If bulls are back, this is where you can accumulate BTC next

Bitcoin price shows a lack of momentum after an explosive move in the last three weeks. The fourth week has been relatively silent, without a lot of volatile moves.

More Bitcoin News

Ethereum Classic Price Forecast: Do not count on large recovery for ETC in Q1, Q2 of 2023

Ethereum Classic Price Forecast: Do not count on large recovery for ETC in Q1, Q2 of 2023

Ethereum Classic (ETC) saw the headwinds that triggered the massive sell-off of 2022 fade a bit to the background in the first weeks of 2023. That resulted in bulls returning to life after a hibernation of almost five consecutive straight months.

More Ethereum Classic News

Ripple will win the legal battle with US SEC in the Supreme Court: John Deaton

Ripple will win the legal battle with US SEC in the Supreme Court: John Deaton

Ripple, the cross-border remittance giant is likely to win its legal battle against US financial regulator, the Securities and Exchange Commission (SEC) according to crypto proponent John Deaton.

More Ripple News

The real reason why Shiba Inu diamond hands refuse to sell despite 40.6% SHIB price rally

The real reason why Shiba Inu diamond hands refuse to sell despite 40.6% SHIB price rally

Shiba Inu holders who acquired SHIB more than 11 months ago are holding onto their tokens. These holders have refrained from selling their SHIB holdings since December 2021.

More Shiba Inu News

Bitcoin: If bulls are back, this is where you can accumulate BTC next

Bitcoin: If bulls are back, this is where you can accumulate BTC next

Bitcoin price shows a lack of momentum after an explosive move in the last three weeks. The fourth week has been relatively silent, without a lot of volatile moves. While BTC consolidates, other altcoins are rallying left and right, providing massive gains.

Read full analysis

BTC

ETH

XRP