|

SafeMoon price will retest $0.00000300 by the end of the week

  • SafeMoon is in a technical triangle play to the upside.
  • $0.00000300 is forming a triple top and will be hard to break above.
  • Favorable tailwinds in cryptocurrencies should help SAFEMOON.

SafeMoon price (SAFEMOON) has been on a very subdued recovery path as the more significant cryptocurrencies could recover much more ground to the upside this week. The trend seems to have kicked into high gear since August 16 when SafeMoon almost touched $0.00000100 to the downside. 

Price action was able to find some buyers, and SAFEMOON is since then in a triangle play upwards with the green ascending trend line being used as a backbone for the rally. In the meantime, SafeMoon was able to recover and take out the 21-day Simple Moving Average (SMA). That same SMA is today acting as support for the price action and the green ascending trend line and is keeping SafeMoon in rally mode.

SafeMoon has 35% upside potential if it can keep this rally going

The next part to face will be the resistance of the 55-day SMA. That has been a difficult one to break to the upside as it was attempted on August 23. Although the price shot above the 55-day SMA, buyers could not keep the candle above it. It makes the level a difficult one to cross. For now, that level is around $0.00000260 and isa critical level to watch.

Of course, the big target to the upside is $0.00000300, which was formed on July 26. As of that day, SafeMoon was not able to trade above that price. An attempt was made on July 27 and August 7, but both attempts failed and made the price run lower. This level has considerable importance for short-sellers who entered there and have their stops safely tucked above $0.00000300.

SafeMoon/USD daily chart

SafeMoon/USD daily chart

Expect a big battle between buyers and sellers by the end of this week toward $0.00000300. With the favorable tailwind in the cryptocurrency markets and renewed attention in the media for Bitcoin, SafeMoon should monetize on that attention. Price action will shoot through $0.00000300 to take out most of the stops from short sellers, but once that has happened, expect possible price action to either return to test $0.00000300 or even dip below back to the green ascending trend line.

Should the green ascending trend line break, expect a push further down toward $0.00000100 in the coming weeks as sellers will be in control of the price action.

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:

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

By subscribing you agree to our Terms and conditions.

Editor's Picks

XRP steadies above $1.90 support as fund inflows and retail demand rise

Ripple (XRP) is stable above support at $1.90 at the time of writing on Monday, after several attempts to break above the $2.00 hurdle failed to materialize last week. Meanwhile, institutional interest in the cross-border remittance token has remained steady.

Cardano struggles to extend gains as retail interest wanes despite Midnight's NIGHT token launch

Cardano ticks higher after a bearish weekend, struggling to extend an upcycle within a descending wedge pattern. On-chain data shows an increase in trading volume and user activity after the Midnight side chain token launch.

Crypto Today: Bitcoin, Ethereum recover as XRP remains supported by ETF inflows

Bitcoin is trending up toward the pivotal $90,000 level at the time of writing on Monday, which marks four consecutive days of gains. Altcoins, including Ethereum and Ripple, are also rebounding above key short-term support levels.

Bitcoin nears $90,000 as recovery hopes clash with institutional outflows

Bitcoin is approaching the $90,000 resistance level at the time of writing on Monday, raising hopes of a short-term recovery. However, the bullish recovery is being challenged by weakening institutional demand, as evidenced by outflows from Spot ETFs.

Orange Juice Newsletter – Smart insights by real people. Every day.

A free newsletter highlighting key market trends to help traders stay a step ahead. Daily insights on the most relevant trading topics, compiled by our experts in an easy-to-read format so you never miss an important move.

Bitcoin: Fed delivers, yet fails to impress BTC traders

Bitcoin (BTC) continues de trade within the recent consolidation phase, hovering around $92,000 at the time of writing on Friday, as investors digest the Federal Reserve’s (Fed) cautious December rate cut and its implications for risk assets.