Jonathan Morgan
Independent Analyst
- SafeMoon price barely able to keep its head above water.
- Has yet to recover from the December 5th flash crash.
- Some early signs of support appear, but confirmation is needed.
SafeMoon price action remains one of the biggest disappointments of 2021. The chart, despite the fundamentals, appears more like a pump-and-dump scheme as opposed to a project worth an investment in. If price action is evidence of investor sentiment, SafeMoon represents a near-zero positive outlook.
SafeMoon price remains near all-time lows, buyers avoidant and missing
SafeMoon price has struggled ever since the capitulation move it had on December 5th. While most of the cryptocurrency market retraced most, if not all its losses, SafeMoon has remained near last week's lows. If buyers are still interested in SafeMoon, they appear to be waiting for a lower entry or have moved on to greener pastures.
There is some evidence that a support level may be developing. Sunday's close was above the Tenkan-Sen. This shifted the Tenkan-Sen from a primary resistance level to one of support. Bulls have so far defended the Tenkan-Sen at $0.00000137 as support. If that holds, then a relief rally for SafeMoon price becomes increasingly likely.
However, the upside potential is likely to be limited. Given the bearish nature of the broader market, any expectations of SafeMoon price going to the moon are not probable. The Kijun-Sen at $0.00000222 is the next resistance level for SafeMoon. Failure to remain above the Tenkan-Sen would likely trigger a move to retest the lows at $0.00000083.
SafeMoon/USDT Daily Ichimoku Chart
A date to watch, especially if SafeMoon remains in the present value area, is December 17th. That is the date of the next Kumo Twist for SafeMoon price. Kumo Twists are when the Cloud turns from red to green (when Future Senkou Span A crosses Future Senkou Span B). Markets trending strongly into the date range of a Kumo Twist often find significant and minor swing highs/lows.
To invalidate any near-term bearish outlooks, buyers need to rally SafeMoon price to close at or above the Kijun-Sen at $0.00000236.
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