- 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.
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.
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.