Cryptocurrencies Economy News

SafeMoon prepares to escape the prevailing downtrend

Sponsored
  • SafeMoon’s price has found it challenging to break out of the ruling downtrend over the past five months.
  • SAFEMOON needs to rise towards $0.00000288 to achieve a 60% rally.
  • However, falling below $0.00000173 could spell trouble for the bulls.

SafeMoon’s price stands in a downtrend since May 23, with little ambition to reverse the period of sluggish performance. While the altcoin stagnates in the prevailing consolidation chart pattern, a break above $0.00000288 could spell trouble for the bearish.

SafeMoon

MetaNews.

SafeMoon price prepares to fight resistance

The price of SafeMoon stands inside a parallel descending channel on the daily chart since May 23, with little luck breaking the pattern. However, the altcoin may be anticipating an upside move as a bottoming rounding pattern has emerged.

The price of SAFEMOON has formed a floor pattern on the daily chart, which indicates that the downtrend will soon be retraced. A rounded floor pattern indicates a 60% rise from the resistance line as bulls aim for $0.00000465.

However, SAFEMOON has a few hurdles to overcome before a bullish forecast is possible. The 505 Fibonacci retracement is at $0.00000252 and the upper boundary of the parallel channel is at $0.00000279.

The next hurdle for SafeMoon price would be the 61.8% Fibonacci retracement at $0.00000288. After increasing buying pressure coupled with a break above this level, the upside target will appear on investors’ radars.

Further resistance may appear at the 78.6% Fibonacci retracement at $0.00000338

The next levels of resistance are the 78.6% Fibonacci retracement at $0.00000338, the 200-day simple moving average (SMA) at $0.00000348, and the Aug. 28 high at $0.00000400400.

When selling pressure increases, SafeMoon price could find support at the 21-day SMA at $0.00000193, before falling toward the 50-day SMA, which coincides with the 23.6% Fibonacci retracement at $0.00000173.

If the bears are able to take control and drive SAFEMOON lower, the bullish outlook will be negated, and the altcoin may fall towards the middle midline of the chart pattern at $0.00000124.

Avatar

Michelle D. Madsen

Michelle D. Madsen graduated from the University of Westminster and has been deeply involved in the world of finance ever since. She has worked as a Broadcast Journalist hosting various news shows and informative webcasts about the financial markets. Since 2004 she has also been writing for Metanews daily, her attention to detail, and her in-depth knowledge of the financial markets have led her to cover Foreign Exchange and commodities. The world of finance has changed in the last few years with the introduction and rising popularity of cryptocurrencies. She has in no means been left behind, adding this to her bank of intellect and is now also an expert in cryptocurrencies. For the last ten years, Ms. Madsen has been engaged in the financial market. She has notedly written a great number of incredibly informative reviews for the crypto exchange and forex brokers. Her wealth of knowledge has enabled her to become a leading expert in the field. She continues to inform the public writing up-to-date, thorough reviews for the readers of Metanews as she has for the last decade.
Follow Me:

Related Posts