- SafeMoon is on the verge of breaking the $0.00000178 Fibonacci level to the downside.
- Continuing push to the downside spells more downside to come.
- Already eight consecutive days of sellers in overall volume show sellers are in control of the price action in SafeMoon.
SafeMoon is continuing its downward trajectory today for eight consecutive days in a row. Price action is looking tilted to the downside with several factors in favor of more downside.
The red ascending trend line originating from August 28 is acting as the backbone for further downside. Although buyers have tried to break the trend line to the upside, the 23.6% Fibonacci retracement level looked too heavy for buyers to hold against sellers’ volume. With the triple top formation at $0.00000352 and the 23.6% Fibonacci retracement level at $0.00000333, buyers are aware that they face limited upside potential if they ever succeed in pushing SafeMoon to the upside.
SafeMoon will break $0.00000178, and that opens the door for more downside
Buyers can try to hold $0.00000178, the 78.6% Fibonacci retracement level, but that got broken already yesterday. This level had already lost most of its strength yesterday. Adding to the momentum is the 5-day Simple Moving Average (SMA), crossing the 30-day SMA to the downside and forming a death cross. It looks like more momentum is building for a further push to the downside.
SafeMoon/USD daily chart
No real reason for buyers to step in at this point, as sellers have gained complete control of the price action. An intermediary level at $0.00000155 could do the trick temporarily and see some profit-taking from sellers to cash in on their profits. But again, that level looks weak with a short break below it yesterday.
It looks like sellers will try to go for the holy grail and book their last profits after this Fibonacci cycle at $0.00000117. This is where buyers as well will kindly step in to take over again. They will face many headwinds to the upside with the previously mentioned elements like the 5-day SMA and the red descending trend line as hurdles to overcome.
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