SafeMoon price plummets and remains trading sideways while interest fades away
- SafeMoon has been one of the fastest growing cryptocurrencies reaching a multi-billionaire market capitalization in a few days.
- The success of the coin prompted hundreds of other projects to fork it.
- The digital asset remains trading sideways but loses interest.
SafeMoon had a huge success reaching more than 1 million holders and a multiple billion-dollar market capitalization. The digital asset has been so successful that hundreds of new projects have forked it and copied springing a huge wave of scams and frauds.
SafeMoon price could be on the verge of extinction
After reaching an all-time high price of $0.000015 on April 20, SafeMoon plummeted by 75% and was unable to recover since then. The digital asset remains trading sideways and holds a $2.8 billion market capitalization at the time of writing.
SAFEMOON/USD 4-hour chart
Another concerning factor is the social volume of SafeMoon which played a big role in its initial rally. Since its most massive peak on April 21, the digital asset’s social volume has declined significantly which could be a warning sign.
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SAFEMOON Social Volume
On the 4-hour chart, the digital asset formed a symmetrical triangle pattern which is on the verge of a massive breakout or breakdown. A 4-hour candlestick close below $0.0000047 would confirm a breakdown which has a price target of $0.0000002, a 58% descent.
SAFEMOON/USD 4-hour chart
On the other hand, a breakout above the upper boundary of the channel should drive SafeMoon price toward $0.0000085.
Author
Lorenzo Stroe
Independent Analyst
Lorenzo is an experienced Technical Analyst and Content Writer who has been working in the cryptocurrency industry since 2012. He also has a passion for trading.
