Jonathan Morgan
Independent Analyst
- SafeMoon price nears bullish Ichimoku breakout conditions.
- Near-term price action may be due for a correction, but momentum could be sustained.
- An explicit close above $0.0000017 is necessary to push towards $0.0000022
SafeMoon price, like most of the cryptocurrency market, continues to ride a bullish wave towards new multi-week highs. SafeMoon has gained over 70% since creating a new all-time low back on September 29th.
SafeMoon price could gain another 34.5%, but a mean reversion to the Tenkan-Sen likely before further movement higher
SafeMoon price has performed beautifully over the past week. However, there are a couple of considerations that bulls should keep in the back of their minds. First is the near-term resistance against the 100% Fibonacci expansion at $0.0000017. Second is the gap between the current daily close and the Tenkan-Sen. Within the Ichimoku Kinko System, the Tenkan-Sen does not suffer long periods before the gaps close.
On any pullback, SafeMoon price is likely to find some support near $0.0000015. The Tenkan-Sen will likely move quickly to that level. Additionally, the 61.8% Fibonacci expansion is within the $0.0000015 value area. From there, a new launch towards the 161.8% Fibonacci expansion at $0.0000022 is likely.
SAFEMOON/USDT Daily Ichimoku Chart
However, buyers will want to watch the condition of the Relative Strength Index and Composite Index. SafeMoon price remains in bear market conditions in its Relative Strength Index – any resistance against 65 could trigger swift selling pressure. Additionally, the Composite Index is trading at the second-highest level in its history and may warn of an imminent corrective move. Therefore, any return to a daily close below $0.0000014 would signify an invalidation of any near-term bullish momentum.
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