- SafeMoon price sees bulls trying to get away from the $0.001778 level.
- Instead, bears keep a lid on upside price action with a break to the downside still on the cards.
- Should the Nasdaq close the week with a loss, expect bulls to flee the scene in SafeMoon.
SafeMoon (SAFEMOON) price has been starting a new version since the back end of 2021, but V2 looks to be just a copy-paste of V1 with price action falling to low levels and investors interest fading by the day. For the moment, bulls are looking to try one last time, but with volume wearing thin SafeMoon bulls are on their last legs before folding. Expect a break to the downside to be on the cards with a possible 10% loss.
SafeMoon reboot in V2 is simply a copy-paste of V1
SafeMoon price action is not favouring any long-term investors since it decided to start a reboot version of the initial SafeMoon V1. With a vast inflow and uptick, all-time highs got set at early January around $0.003000. But since then, price action has been one-directional to the downside for over a month now.
SafeMoon bulls, however, have been trying to fight the trend by breaking the red descending trend line on Monday but that attempt saw a firm rejection of the $0.001906 historical level. With that rejection, bulls got squeezed out of their positions by a bearish candle that broke the low of Monday, the next day. In the meantime, price action has touched base at $0.0017960 but still looks heavy, although two bullish candles are forming against the tide of market sentiment after a significant inflation number that is stirring up markets again.
SAFEMOON/USD daily chart
Expect the market situation to deteriorate further and see bears break the $0.001760 level, opening up the last area of support before making new lows at $0.001621. Should Nasdaq, as a leading indicator, be able to tie up the week with a gain and positive close, expect some mild interest coming back to SafeMoon price action with a pop above $0.001800 towards the 200-day Simple Moving Average (SMA) at $0.001875, this week. That would mean that bulls hold the key for an attack at $0.001965 in the week to come.
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.
Recommended Content
Editors’ Picks
Crypto today: Bitcoin, Ethereum, XRP tests key support, TRON network non-stablecoin activity hits new highs
Bitcoin, Ethereum, and XRP hover around key support levels after registering a steep correction earlier this week. TRON network’s stablecoin activity hit new highs following the release of SunPump. TRON trades at around $0.1500, almost flat on the day.
Bitcoin Weekly Forecast: $50,000 on the horizon if it breaks below key support level
Bitcoin price tests the key support level at $56,000 on Friday, consolidating over a 1% decline this week. If it drops below this support, a continued downtrend is likely for BTC, as suggested by substantial outflows from US spot Bitcoin ETFs, rising institutional selling, and bearish on-chain indicators.
Vitalik Buterin says all Layer-2 token holdings will be donated to charity, won’t sell for profit
Vitalik Buterin, Ethereum co-founder, has not sold Ether since the altcoin’s ICO in 2018. On-chain transfers by Buterin make headlines as ETH holders keep eyes peeled for selling pressure on the altcoin.
WazirX, PenPie and Bo Shen hackers launder $42.7 million in stolen funds through Tornado Cash
Three different hackers responsible for the exploit of crypto assets worth millions of dollars from crypto exchange WazirX, DeFi protocol Penpie, and Founder of Fenbushi Capital Bo Shen are using Tornado Cash to move part of the stolen funds.
Bitcoin: $50,000 on the horizon if it breaks below key support level
Bitcoin (BTC) price tests the key support level at $56,000 on Friday, consolidating over a 1% decline this week. If it drops below this support, a continued downtrend is likely for BTC, as suggested by substantial outflows from US spot Bitcoin ETFs, rising institutional selling, and bearish on-chain indicators.
Moneta Markets review 2024: All you need to know
VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.