• SafeMoon price spiked as much as 37% during the week.
  • Buyers are currently testing the final Ichimoku resistance at Senkou Span B.
  • Strong commitment from buyers is required to push SafeMoon above the Cloud.

SafeMoon price is one the best performers of the week in the cryptocurrency space. It has gained as much as 113% from the beginning of October. Even though SafeMoon found intense selling pressure at $0.0000026, it is still up over 95% for the month.

SafeMoon price temporarily halted against the top of the Cloud and a critical Fibonacci expansion level

SafeMoon price has made several attempts to close above Senkou Span B and the 100% Fibonacci expansion, both at $0.0000024. Thus, a Friday close just below $0.0000024 could be a boon for bulls or bears as liquidity dries up and volatility increases during the weekend.

Despite the strong rally that SafeMoon price has experienced, it is still massively underperforming the broader cryptocurrency market. While many cryptocurrencies hit new all-time highs and continue to form new all-time highs, SafeMoon is just coming off of making new all-time lows. If momentum remains strong, then bulls may be able to push SafeMoon above the Cloud and to the profit target level at the 161.8% Fibonacci expansion at $0.0000030.

SafeMoon/USDT Daily Ichimoku Chart

While the downside risk is more limited, SafeMoon is at the mercy of Bitcoin’s price action. If Bitcoin experiences some profit-taking and additional selling pressure on Saturday and Sunday, SafeMoon will likely face similar weakness.

The first support level that SafeMoon price will test is the 61.8% Fibonacci expansion at $0.0000020. Below that is the Kijun-Sen at $0.0000018. Any close below the Kijun-Sen and the Cloud will probably push SafeMoon to its all-time low at $0.0000010.

 

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

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Shiba Inu price presents buy signal, anticipates 30% breakout

Shiba Inu price is undergoing a minor retracement after it saw a sudden uptick in buying pressure, leading to a rally. This correction will provide sidelined buyers with an opportunity to jump on before the next leg higher.

More Shiba Inu News

Axie Infinity user converts Magic Internet Money to earn over $82,000 a year

A player of play-to-earn game Axie Infinity, has confirmed that the game offers higher rewards than a Goldman Sachs’ research associate’s salary. Analysts have a bullish outlook on the gaming token’s price.

More Axie Infinity News

Altcoins recover as BTC chops

Bitcoin price is consolidating while it tries to move higher, but Ethereum price seems to be enjoying a full-fledged rally as it comes closer to setting up new highs. Ripple price, on the other hand, is struggling to find bullish momentum.

More Cryptocurrencies News

Chainlink price ready to reverse, 30% upswing likely for LINK

Chainlink price seems ready for a reversal of its two-week downswing as it attempts to create a higher high. This outlook is also supported by on-chain metrics, which suggest the possibility of accumulation at the current levels for LINK.

More Chainlink News

Cyber Monday 2021 Discounts!

Glued to your trading screen on Cyber Monday? Upgrade your skills by signing up for FXStreet’s Premium service, offered at a discount of up to 50%. Fellow traders have already taken advantage of Black Friday profits. What about you? 

Subscribe now!

BTC

ETH

XRP