- SafeMoon price collapsed nearly 30% on the Tuesday trading session.
- Bears are unable to break the supportive structure in SafeMoon’s oscillators.
- Sell-off is likely a stop-loss run and a fakeout.
SafeMoon price action is nearly singular in its current behavior and structure. Very few, if any, significant altcoins have displayed the kind of price behavior SafeMoon has.
SafeMoon price sell-off is likely a fakeout, massive buying opportunity ahead
SafeMoon price faced a strong sell-off during the early part of the Tuesday trading session, collapsing nearly 30% from the daily open of $0.0000030 to $0.0000023. However, that sell-off was met with immediate and significant support – rallying 21% from the 0.0000023 low to $0.0000028.
SafeMoon has moved nearly 70% below the all-time high of $0.0000070 that was achieved on October 29th. Additionally, the move today represents the second-largest percentage drop of the entire downswing. From a time cycle and price action perspective, SafeMoon price is primed for one heck of a massive rally.
The 2021 Volume Point Of Control and the daily Tenkan-Sen both sit at $0.0000027. If SafeMoon price can close its daily candlestick at or slightly above that level, then moving to the Kijun-Sen at $0.0000036 is all but inevitable. That would represent a 35% spike.
SafeMoon/USDT Daily Ichimoku Chart
SafeMoon’s oscillators, shockingly, have not transitioned into bear market territory despite the nearly 70% drop in November and the current 30% drop today. Instead, the Relative Strength Index remains in a bull market territory with the final oversold level of 40 holding support. Likewise, the Composite Index remains above both of its moving averages.
While downside risks remain extremely low at these present value areas, they do exist. Any daily close below $0.0000023 would likely trigger a capitulation move that would push SafeMoon towards the all-time low of $0.0000010.
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
WIF price rallies 60% as Dogwifhat’s photo sells as NFT for $4.3 million
Solana meme coin Dogwifhat’s photo was purchased by web3 pioneer Global Coin Research as an NFT. GCR’s purchase likely catalyzed a rally in WIF, with prices increasing 60% on Monday.
Solana-based meme coin SLERF surges more than 3,700% as developer burns $10 million presale tokens
Solana-based tokens have dominated the meme coin narrative with nearly double-digit gains in the past week. A recently launched meme coin project called SLERF is making headlines for the “accidental” burn of nearly 50% of the token’s supply.
XRP price recovery likely catalyzed by upcoming lawsuit deadline and key events for XRP holders
XRP price wiped out its weekly gains over the weekend but managed to stay above $0.62 early on Monday. XRP price begins recovery on Monday as traders anticipate activity in the altcoin with upcoming events.
Crypto AI token rally persists, ignited by NVIDIA AI conference
NVIDIA AI conference, starting on Monday, is considered a key AI event as market participants await the unveiling of the next AI chip, B100. NVIDIA’s influence extends to the mining sector in crypto as its chips are focused on high-performance GPUs.
Bitcoin: Can BTC hit $100,000 without a correction?
Bitcoin (BTC) price shows a slowdown in momentum as it set up a new all-time high of $73,949 on March 13. Considering the massive uptrend that BTC has been experiencing, a short-term correction is nothing to be concerned about.