Lorenzo Stroe
Independent Analyst
- 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.
%20[15.11.31,%2030%20Apr,%202021]-637553782260573824.png)
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.
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.
Recommended Content
Editors’ Picks
Dogecoin Price Prediction: Profit-taking in DOGE hits monthly high, raising the risk of a crash
Dogecoin (DOGE) hovers below its key weekly level of $0.18 at the time of writing on Monday, signaling a waning of bullish momentum. DOGE is flashing early warning signs, as on-chain data indicates rising selling pressure among holders, with profit-taking having surged to a monthly high and dormant wallet activity rising.
SPX6900 Price Forecast: Bullish continuation eyes new all-time high
SPX6900 (SPX) meme coin edges higher by almost 2% at press time on Monday, following a 4.71% brilliant recovery the previous day. The renewed confidence of whales in the meme coin is suspected to have catalyzed the recovery, resulting in increased optimism in SPX derivatives.
Top 3 Price Prediction: Bitcoin, Ethereum, Ripple – BTC, ETH, and XRP stabilize near critical support levels
Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) are showing signs of stabilization around key support levels after a recent correction last week. BTC attempts to regain strength after closing below its critical support level, while ETH and XRP hover near technical thresholds that could determine the direction of their next moves.
Top Crypto Gainers Price Prediction: Jito, Bitcoin Cash, and Solana lead the market recovery
The broader cryptocurrency market ended the previous week with a minor recovery on Sunday. Holding gains from the prior day, Jito (JTO), Bitcoin Cash (BCH), and Solana (SOL) are the top performers over the last 24 hours. Despite a minor pullback on Monday, JTO, BCH, and SOL are close to breaking out critical levels, potentially extending gains this week.
Bitcoin: BTC could slump to $100K amid Trump-Musk tussle
Bitcoin (BTC) tumbled to a low of $101,095 on Friday amid volatility in the market. The effect of the tussle between United States (US) President Donald Trump and Tesla Chief Elon Musk negatively influenced the NASDAQ and Tesla's stock price on Thursday, although both are recovering on Friday.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.