SafeMoon Price Prediction: SAFEMOON nears key support as sellers retain control


  • SAFEMOON price eyes key support, as 12H technical setup favors bears.
  • Bears need 12H candlestick closing below 100-SMA.
  • RSI remains bearish, looks to test the oversold region. 

SAFEMOON price is wallowing near two-week lows of $0.000003983, down nearly 10% over the past 12 hours, as the sellers remain in complete control after this week’s market turbulence.

Despite several encouraging tweets by the auto-generating liquidity protocol since the mid-week crash, investors continue to lack conviction amid a persistent downbeat mood across the crypto markets, courtesy of the recent Chinese regulatory announcements.

SafeMoon hit lifetime highs of $0.000008419 on May 12, in response to a broader market advance and celebrity endorsements. The most recent celebrity to promote SafeMoon is Barstool Sports founder Dave Portnoy. 

Additionally, the meme-based coin also drew support earlier this month after the company tweeted out, a video boasting it was "CertiK Approved."

SAFEMOON/USD: Technical indicators scream sell, more losses in the offing

The downside appears more compelling for SAFEMOON, especially after the price failed to resist above the 100-simple moving average (SMA) at $0.000004362 on the 12-hour chart.

The sellers now await a 12-hourly candlestick close below the abovementioned key support, in order to challenge the immediate line of defense at $0.000003670.

If the selling pressure intensifies, the next downside target is aligned at $0.000003062.

The Relative Strength Index (RSI) is on the track to test the oversold territory, currently around 35.50, suggesting there is a scope for additional downside.

SAFEMOON/USD: 12-hour chart

However, should the bulls recapture the 100-SMA support-turned-resistance on a sustained basis, a recovery towards the $0.0000050 psychological barrier cannot be ruled out.

The horizontal 50-SMA resistance at $0.000006282 is the level to beat for the SAFEMOON bulls.

 

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.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Bitcoin finds buyers despite new six-month and 2022 lows, BTC relief rally on deck

Bitcoin price action on Monday was mainly in a full-blown bear attack, with a new 2022 and six-month lows hit. That all changed near the end of the NY equity market session when buyers poured in to rally Bitcoin higher to close in the green for the second day in a row.

More Bitcoin news

Binance Coin bulls may take over as BNB finds support at $350

Binance Coin price has fallen more than 31% since last Monday and over 51% from the all-time high. A deeper push lower is likely if the bulls fail to keep Binance Coin above its final support zone. New 2022 and seven-month lows are coming up.

More Binance Coin news

Ethereum Price Prediction: Ethereum could drop to $1,800

Etheruem price action, like the rest of the cryptocurrency market, has been overwhelmingly bearish. Since last Monday, ETH has fallen more than 34% and is currently more than 50% below the all-time high. Ethereum price has one sliver of support left, preventing a significant sell-off.

More Ethereum news

Centrifuge leads the current parachain slot auction on the Polkadot network

Centrifuge, a real-world DeFi project, is leading the current parachain slot auction. Polkadot price dropped in the recent crypto bloodbath and analysts have predicted a downward continuation of the altcoin. 124M Polkadot tokens is locked in a crowdloan.

More Polkadot news

Bitcoin: BTC may capitulate to $30,000

Bitcoin price has dropped considerably over the last three weeks. The recent downswing has made things worse for BTC and hints that a steep correction could be on its way.

Read full analysis

BTC

ETH

XRP