|

SafeMoon price will gladly benefit patient bulls with massive breakout

  • SafeMoon price was on the verge of dipping towards $0.00000067 before the bullish outbreak finally happened this week. 
  • SAFEMOON price action has seen a significant volume acceleration, with bulls joining the scene after a long absence. 
  • SAFEMOON bulls got rejected this week at the 10-weeks SMA at $0.00000194.

SafeMoon (SAFEMOON) price action has managed to break out of the downtrend that lasted several months. The bullish breakout came as cryptocurrencies gained new attention, with Bitcoin hitting $50.000. The favorable tailwind got translated into added volume and price action in SAFEMOON breaking above $0.00000200.

SafeMoon price in an uptrend as long favorable tailwinds underpin price action

SafeMoon price action was able to break out of the downtrend it got stuck into since mid-May. As price action was unable to get back above $0.00000400. In that downtrend, the volume started to wear thin by the weeks and almost showed a complete absence of bulls being present. But with Bitcoin pulling cryptocurrencies back on the forefront, bulls have reemerged in SafeMoon price action and quickly pushed quite some bears out of their short positions. 

SAFEMOON price was in favor of bulls that were able to break above the red descending trend line. It will be critical going forward that bulls stay above this trend line. If the trend line acts as an entry point for more buying volume in SafeMoon, that will spell green lights for more gains soon.

SAFEMOON/USD weekly chart

SAFEMOON/USD weekly chart

Expect buyers to try and reclaim the 10-weeks Simple Moving Average (SMA) at $0.00000194. The following profit taking level is around $0.00000400, which was the high from August. But that would only be possible if favorable tailwinds keep price action underpinned. 

Should those favorable tailwinds start to fade in SafeMoon, expect bears to quickly regain control and ramp price action first back below the red descending trend line. This would add further negative attention and invite more bears into SAFEMOON price action. A retest of $0.00000067 would then be inevitable.




 

Author

Filip Lagaart

Filip Lagaart is a former sales/trader with over 15 years of financial markets expertise under its belt.

More from Filip Lagaart
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.