|

SafeMoon price to surge to $0.0000038 before finding resistance

  • SafeMoon price extends October rally to gains beyond 145%.
  • Despite the massive rally, SafeMoon remains a massive underperformer.
  • SafeMoon could extend another 30% higher before finding sellers.

SafeMoon price has made some astounding progress in October, rallying over 145% from the lowest open in its history on the first day of October to its present new two-month high. After hitting the required $0.0000024 level above the Cloud, SafeMoon spiked on Monday for a gain of over 22%. And it is likely to continue a move higher before facing any resistance.

SafeMoon price looks to close weekly Ichimoku gap; continuation moves higher are likely

SafeMoon price still has room to run higher. The thick, blue horizontal ray at $0.000038 is where the weekly Tenkan-Sen resides. One behavior of the Ichimoku Kinko Hyo system is the close relationship between the body of the current candlestick and the Tenkan-Sen. Both like to move nearly in tandem with one another. When significant gaps appear between the Tenkan-Sen and the current candlestick, they don’t last long. When a gap does appear, the most common behavior is for price action to return to the Tenkan-Sen.

Because the gap between the current close and the weekly Tenkan-Sen remains so significant, it is expected that SafeMoon will continue to move to fill that gap. However, for this to occur, SafeMoon would need to move to $0.000038.

SafeMoon/USDT Daily Ichimoku Chart

Bulls should look for some short-term selling pressure and a corrective move in the interim. The Relative Strength Index has moved past the first overbought level in a bull market (80) at the same time as SafeMoon price tagged the 161.8% Fibonacci expansion. Short-term technicals point to a likely corrective move or a pause in the ascent of Safemoon price. A pullback from the present value area to test the daily Tenkan-Sen and top of Cloud at $0.0000024 is possible. 

Author

Jonathan Morgan

Jonathan Morgan

Independent Analyst

Jonathan has been working as an Independent future, forex, and cryptocurrency trader and analyst for 8 years. He also has been writing for the past 5 years.

More from Jonathan Morgan
Share:

Editor's Picks

XRP Price Forecast: XRP trades sideways as Ripple targets 10 million agentic AI transactions
Ripple (XRP) is losing momentum on Thursday, albeit gradually, trading above $1.13. The remittance token tagged a weekly high of $1.16 on Tuesday, with gains mainly attributed to developments on the United States (US) Clarity Act and recent signs that inflation is easing in the world’s largest economy.
Crypto Today: Bitcoin, Ethereum, XRP trim gains despite resilient ETF inflows
Cryptocurrency prices are trending lower on Thursday, pressured by renewed inflation concerns stemming from ongoing tensions between the United States (US) and Iran and persistently elevated Oil prices. Bitcoin (BTC) is approaching short-term support at $65,000, with upside resistance remaining firm at $67,000.
Worldcoin Price Forecast: WLD steadies as multiple bullish signals line up
Woldcoin (WLD) price trades around $0.3838 at press time on Thursday, extending a consolidative tone capped beneath the 50-day Exponential Moving Average (EMA) at $0.4141. WLD token emissions are scheduled to drop by 43% from Friday, reducing supply pressure. Retail activity in WLD derivatives remains firm, with a 40% rise in trading volume and elevated funding rates.
Dogecoin Price Forecast: DOGE nears yearly low as risk appetite fades
Dogecoin (DOGE) extends its decline on Thursday, approaching its yearly low at $0.069 as bearish sentiment continues to weigh on the meme coin. Escalating US-Iran conflict and fresh Houthi threats have dampened risk appetite, weighing on speculative assets such as DOGE. Weakening derivatives metrics and a deteriorating technical outlook suggest a deeper correction if DOGE slips below $0.069.
Bitcoin’s potential recovery in the second half hinges on these 4 catalysts
Bitcoin (BTC) has fallen over 34% in the first half of this year as the King Crypto failed to capitalize on a good semester for risk assets despite the woes from the Iran war.