• SafeMoon price has been on a slow but steady uptrend since September 29.
  • A bearish divergence looms on SAFEMOON, hinting at bearish things to come.
  • The grim outlook can be avoided if buyers manage to produce a swing high at $0.00000239.

SafeMoon price is in a tough spot despite its two-week uptrend. While a bearish outlook is staring at SAFEMOON, it can be sidestepped if the bulls push the altcoin higher. 

SafeMoon price at inflection point

SafeMoon price rose roughly 80% to where it currently stands, $0.00000179. This run-up resulted from the breakout from a rising wedge pattern that formed between September 5 and September 28. 

Now, SafeMoon price has produced a lower high with respect to the swing point on September 5. The Relative Strength Index (RSI), however, has formed a higher high within the same period. This fork between the price and the RSI is called a bearish divergence.

Often, this setup leads to a correction. Therefore, SafeMoon price is, generally speaking, up for a retracement. However, investors need to note that if the bulls manage to propel SAFEMOON up by more than 35% and produce a decisive close above $0.00000239, it will create a higher high, eliminating the short-term bearish outlook.

Therefore, SafeMoon price has to produce a swing point higher than $0.00000239 to escape the pessimistic fate. If the buyers fail to do so, SafeMoon price will likely retrace 27% to the immediate support level at $0.00000142. Here, SAFEMOON can give the uptrend another try.

SAFEMOON/USDT 1-day chart

SAFEMOON/USDT 1-day chart

On the other hand, if SafeMoon price breaches the $0.00000142 support barrier, it will pull back 22% to the last line of defense at $0.00000109 or the September 28 swing low. 

A decisive close below this barrier will invalidate the bullish thesis and trigger a downswing to $0.00000612.


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.

Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Ethereum continues hinting at rally following reduced long liquidations

Ethereum continues hinting at rally following reduced long liquidations

Ethereum has continued showing signs of a potential rally on Tuesday as most coins in the crypto market are also posting gains. This comes amid speculation of a potential decline following FTX ETH sales and normalizing ETH risk reversals.

More Ethereum News

HBAR price jumps 75% as BlackRock tokenizes Money Market Fund on Hedera

HBAR price jumps 75% as BlackRock tokenizes Money Market Fund on Hedera

Archax, Ownera and The HBAR Foundation have enabled the first tokenization of BlackRock’s money market fund (MMF) on Hedera. Last year Hedera Council member abrdn’s successfully tokenized its MMFs on Hedera. 

More Hedera News

Bitcoin price holds above $66K as Morgan Stanley files prospectus to add BTC ETF exposure in two of its funds

Bitcoin price holds above $66K as Morgan Stanley files prospectus to add BTC ETF exposure in two of its funds

Bitcoin (BTC) price remains range-bound, holding above the $63,000 level, while its upside is capped below $68,000, going against or delaying the assumption that the fourth halving would be a 'sell-the-news' outcome. 

More Bitcoin News

Crypto community reacts as BRICS considers launching stablecoin for international trade settlement

Crypto community reacts as BRICS considers launching stablecoin for international trade settlement

BRICS is intensifying efforts to reduce reliance on the US dollar after plans for a stablecoin effort surfaced online on Tuesday. Most people expect the stablecoin to be backed by gold, considering BRICS nations have been accumulating large holdings of the commodity.

More Cryptocurrencies News

Bitcoin: BTC post-halving rally could be partially priced in Premium

Bitcoin: BTC post-halving rally could be partially priced in

Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days? 

Read full analysis

BTC

ETH

XRP