Jonathan Morgan
Independent Analyst
- 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.
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