Share:
  • Safemoon price has fallen below a primary support zone, pointing to lower prices.
  • Restest of the breakout lower failed to recover Safemoon above support.
  • 30% drop ahead for SafeMoon going into the weekend.

SafeMoon price has not been forgiving to any late entry buyers. After reaching a new six-month high of $0.0000070 on October 29th, SafeMoon has had a steady sell-off with little to no reprieve for the bulls. SafeMoon is currently down nearly 50% from the October highs – and will probably move even lower.

SafeMoon price eyes a steep drop going into the weekend; little support exists between $0.0000039 and 0.0000028

SafeMoon price had one tough support level for sellers to break through at 0.0000039 – which contains the weekly Tenkan-Sen (thick, blue ray) and the 61.8% Fibonacci retracement. For seven straight trading sessions, bears assaulted that support level and were finally able to crash through it during Wednesday’s sell-off. A retest of that breakout happened on Thursday, but that’s where it halted. So further downside pressure is now likely.

After failed support, the projected target low is a confluence zone of the 61.8 Fibonacci expansion and 88.2% Fibonacci retracement levels at $0.000028. That would represent a 30% drop from the Friday open. However, some support may come in at $0.0000030 as it is a robust psychological number and the top of a high volume node.

SafeMoon/USDT Daily Ichimoku Chart

There is a Kumo Twist that occurs on November 17th that may save SafeMoon from any extended sell-offs. If SafeMoon price continues to trend lower near November 17th, that could trigger a bullish corrective move. Kumo Twists are often points of reversal for price action, especially if an instrument is trending into the date of the Kumo Twist. Any bullish response around November 17th will likely see a retest of the original support – now turned resistance – at $0.0000039.

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.

Join Telegram

Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended content


Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended Content

Editors’ Picks

Bitcoin likely to remain in red through the next quarter if history is any indication

Bitcoin likely to remain in red through the next quarter if history is any indication

Bitcoin (BTC) price produced a monthly close at $27,210, noting a -6.92% return for May. The last-minute slide in BTC put an end to the four-month bullish streak that kickstarted the 2023 rally.

More Bitcoin News

Ethereum vs. SEC: Implications of Wahis’ insider trading settlement on ETH

Ethereum vs. SEC: Implications of Wahis’ insider trading settlement on ETH

Ethereum (ETH) is the subject of a new controversy, with the second-largest crypto finding itself in the rut after the United States Securities and Exchange Commission (SEC) settled its insider trading case against the Wahi brothers.

More Ethereum News

Justin Sun’s TRON hits all-time high of 10.9M daily transactions, braving crypto winter

Justin Sun’s TRON hits all-time high of 10.9M daily transactions, braving crypto winter

Justin Sun, the founder of TRON – one of the largest decentralized blockchain DAO ecosystems in crypto – shared a new milestone for the token on Thursday. TRON processed 10.9 million in daily transactions, hitting a record high.

More Cryptocurrencies News

Ethereum fees decline by 70% from 2023 highs as top DeFi protocols lose users

Ethereum fees decline by 70% from 2023 highs as top DeFi protocols lose users

Ethereum is currently facing trouble in the spot market due to the broader market bearishness as well as investors' skepticism. But while the spot market only recently took a turn for the worse, the DeFi space has been only negative for a long time.

More Cryptocurrencies News

Bitcoin: BTC delays inevitable crash to $25,000

Bitcoin: BTC delays inevitable crash to $25,000

Bitcoin price is delaying a crash that has been brewing for roughly two weeks. A failure to push higher could result in a steep correction next week. The troubling macroeconomic conditions could be key in catalyzing and trigger a nosedive for BTC holders.

Read full analysis

BTC

ETH

XRP