• SafeMoon price made new all-time lows.
  • Cryptocurrency exchange BitMart hacked with an estimated $200 million in crypto stolen.
  • Low risk, high reward trade setup – but trust is now an issue.

SafeMoon price action is, perhaps, the saddest and least safe story of any altcoin presently traded. Unfortunately, a combination of horrible circumstances has brought SafeMoon close to worthless valuations.

SafeMoon trades below $0.00001, punishing hodlers and bulls with new all-time lows

SafeMoon was one of the glowing success stories of the last couple of months. It may be hard to forget, but SafeMoon pushed a new all-time low (at the time) on September 27th to $0.000001 and then rallied through October 29th for a 593% gain to $0.000007. Then, from October 29th to December 4th, SafeMoon capitulated over 88% to a new all-time low at $0.0000009.

If the Saturday flash-crash wasn’t enough to generate significant selling pressure, insult was added to injury with the news of the BitMart hack. According to PeckShield Inc., losses were estimated at $200 million with SafeMoon, Binance Coin, and Floki Inu among the crypto taken via a hot wallet weakness between Binance’s Smart Chain network and Ethereum.

However, this may create a trading opportunity that could yield some significant gains. SafeMoon maintains a large fan base, and retail speculators adore SafeMoon as a favored altcoin. Already, a substantial number of speculators have piled in on SafeMoon at the new all-time lows, rallying SafeMoon over 54% from the all-time lows. The daily Tenkan-Sen at $0.000002 is where SafeMoon price will likely face its first resistance test.

SafeMoon/USDT Daily Ichimoku Chart

Traders should be cautious of concerns over SafeMoon’s ability to maintain a consistent value area and what kind of an impact, if any, the stolen SafeMoon will have on its current price.

 

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.

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