|

Safemoon price nears support as bulls await the right moment for the second breakout

  • Safemoon price is in the second week of price correction.
  • Safemoon price almost wholly reversed the bullish breakout from October. 
  • With support at $0.00000289, expect a bounce and a new breakout to come.

Safemoon (SAFEMOON) price is stuck in a sharp correction following the initial nose dive last week after breaking the high of June. Safemoon price sees bears pushing Safemoon price further downwards, almost but fully reversing the gains. Support is coming in at $0.00000289 and could potentially trigger a new breakout like three weeks ago.

Safemoon price sees bulls waiting a fitting moment for the next breakout

Safemoon price hit $0.00000700 at the end of October before the price reversed quite rapidly. This week proved to be no other, and the gains from October are almost entirely paired back. With that said, bulls will be gearing up for another breakout as the breakout proves that profits are there and bears are not that insignificant presence as since May and the whole summer throughout. Support at $0.00000289, coming from the beginning of October, looks promising and will undoubtedly see a slowdown or even a halt for the bearish candle next week, as bulls will undoubtedly want to buy in the opportunity again. 

Safemoon price will see bulls possibly going for the fade-in trade if $0.00000289 does not hold that firm enough, with the green ascending trend line and $0.00000117 as two close support elements. As bulls will have averaged in on these levels, expect a breakout towards the red descending trend line around $0.00000600. When Safemoon price sees bulls break that red trend line, expect more buyers to flock in, and price action could shoot higher towards $0.00001200, which would be a 300% return.

Safemoon/USD weekly chart

Safemoon/USD weekly chart

If Safemoon would fall back into its same regime as during past summer, expect a break below $0.00000289. As support turns into resistance, Safemoon price could stay muted below that level and get caught in a squeeze between the green ascending trend line and the resistance. Expect a prolonged squeeze with bulls, in the end, being able to break the $$0.00000289 resistance level and push the price back up towards $$0.00000700 for a retest and double top formation.



 

Author

Filip Lagaart

Filip Lagaart is a former sales/trader with over 15 years of financial markets expertise under its belt.

More from Filip Lagaart
Share:

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

By subscribing you agree to our Terms and conditions.

Editor's Picks

Crypto market outlook for 2026

Year 2025 was volatile, as crypto often is.  Among positive catalysts were favourable regulatory changes in the U.S., rise of Digital Asset Treasuries (DAT), adoption of AI and tokenization of Real-World-Assets (RWA).

Sberbank issues Russia's first corporate loan backed by Bitcoin

Russia's largest bank Sberbank launched the country's first Bitcoin-backed corporate loan to miner Intelion Data. The pilot deal uses cryptocurrency as collateral through Sberbank's proprietary Rutoken custody solution.

Bitcoin recovers to $87,000 as retail optimism offsets steady ETF outflows

Bitcoin (BTC) trades above $88,000 at press time on Tuesday, following a rejection at $90,000 the previous day. Institutional support remains mixed amid steady outflow from US spot BTC Exchange Traded Funds (ETFs) and Strategy Inc.’s acquisition of 1,229 BTC last week.

Traders split over whether lighter’s LIT clears $3 billion FDV after launch

Lighter’s LIT token has not yet begun open trading, but the market has already drawn a sharp line around its valuation after Tuesday's airdrop.

Orange Juice Newsletter – Smart insights by real people. Every day.

A free newsletter highlighting key market trends to help traders stay a step ahead. Daily insights on the most relevant trading topics, compiled by our experts in an easy-to-read format so you never miss an important move.

Bitcoin: Fed delivers, yet fails to impress BTC traders

Bitcoin (BTC) continues de trade within the recent consolidation phase, hovering around $92,000 at the time of writing on Friday, as investors digest the Federal Reserve’s (Fed) cautious December rate cut and its implications for risk assets.