SafeMoon price threatens another push lower to $0.0000035

• SafeMoon price bounces off of critical support, then produces a fake-out higher to return to support.
• Final support zones at risk of failure.
• Deeper retracements are likely if bullish momentum fails to return.

SafeMoon price struggles to establish a clear floor after pulling back nearly 50% from the all-time highs it established in late October. Last Friday showed some evidence that a continuation move higher may occur, but that quickly fizzled out.

SafeMoon must hold above $0.0000040 or else it will collapse

SafeMoon price may dip below the current $0.0000040 support zone. The weekly Tenkan-Sen (thick blue horizontal ray) at $0.0000041 and the 50% Fibonacci retracement at $0.0000039 have acted as the primary support level. Last Friday (November 5^th), it appeared as if SafeMoon might resume the bullish momentum it recently had. Instead, the weekend triggered some intense selling pressure and a quick retest of $0.0000040 as support. That support now looks like it could fail. The next level of support for SafeMoon price below the 50% Fibonacci retracement is the 61.8% Fibonacci retracement at $0.0000035.

The slope of the Relative Strength Index warns of a test of the first oversold condition in a bull market at 50. Additionally, traders will want to observe how the Composite Index behaves when it approaches its moving averages. Any rejection of a bullish crossover of the Composite Index and its moving averages could signal that the current SafeMoon price support is likely to fail.

SafeMoon/USDT Daily Ichimoku Chart

The bearish bias could be invalidated if SafeMoon price can return to a close above the Kijun-Sen and Tenkan-Sen. This would mean buyers need to push SafeMoon to a close at or above $0.0000045. From there, SafeMoon is likely to retest the all-time highs at $0.0000070.

 

---