- 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.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Week Ahead: Altcoin plays for traders as Bitcoin crosses $42,000

Bitcoin price hit $40,000 over the weekend as investors anticipate a spot BTC ETF approval in January. Bitcoin trades around $42,000 and shows no signs of stopping. This article will focus on what to expect this week and the outlook for BTC and if the fourth cycle is any different.
Crypto exchanges serving Indian residents to comply with Anti-Money Laundering guidelines: Indian Parliament

Crypto exchanges serving Indian residents to face action if not compliant with Anti-Money Laundering and Countering of Financial Terrorism guidelines.The process of registering offshore exchanges, Virtual Digital Asset service providers has been initiated.
Dogecoin breaks key $0.088 barrier ahead of tenth birthday, 87% DOGE holders at profit

As Dogecoin (DOGE) approaches its tenth anniversary on Wednesday, the Shiba-Inu-themed meme cryptocurrency has surpassed a crucial resistance level at $0.088076, reaching the highest level since mid-April.
Bitcoin price could rally to $45,000 ahead of BTC halving event in April 2024

Bitcoin price crossed the $41,000 mark on Binance, in its ongoing uptrend. BTC price rally is likely driven by the anticipation of Spot Bitcoin ETF approval. There are more catalysts driving BTC price gains in the current cycle.
Analyzing potential $30k corrections ahead of BTC ETF approval

Bitcoin has slowed down its 2023 bull rally as it approaches the $37,000 level. After three weeks of consolidating around this level, BTC shows no directional bias whatsoever. Some investors speculate this could be an upward-sloping accumulation that leads to a $40,000 rally.