• 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.




 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Ethereum price action gets boring as wETH insolvency concerns spike

Ethereum price action gets boring as wETH insolvency concerns spike

Ethereum price shows a lack of volatility as it hovers above a crucial support level. A move to the upside is unlikely until it overcomes another significant hurdle. Therefore, ETH continues to consolidate, awaiting a signal from BTC.

More Ethereum news

Three altcoins to watch this week: Dogecoin, Crypto.com and Litecoin

Three altcoins to watch this week: Dogecoin, Crypto.com and Litecoin

Despite Bitcoin's bearish price action throughout November, several altcoins have served profitable opportunities for traders to engage in.  Within the Crypto market, DOGE, LTC and CRO all show potential for more uptrend rallies.

More Dogecoin news

Why Cardano price floating around $0.30 is not a good look

Why Cardano price floating around $0.30 is not a good look

Cardano price is in a conflicting situation. While hopes for a Santa rally linger amongst crypto enthusiasts, ADA's monthly performance points to further negative returns. Cardano price has the community watching closely.

More Cardano news

Why Algorand price could continue to pack on negative returns in December

Why Algorand price could continue to pack on negative returns in December

Algorand price continues to pack on negative returns for November. As the final days of the month approach, knife-catching bulls are skimming through all digital assets looking for a last-minute opportunity.

More Algorand news

Bitcoin: Assessing chances of one last bear market rally for 2022

Bitcoin: Assessing chances of one last bear market rally for 2022

BTC is in a good place to trigger another bear market rally from a high-time frame perspective. This development, combined with the optimistic outlook seen in on-chain metrics, further strengthens the possibility of a happy ending to 2022.

Read full analysis

BTC

ETH

XRP